BELOIT — Four members of the Beloit College Board of Trustees have resigned their positions.
Diane Hendricks, Jim Packard, Chuck McQuaid and Jim Sanger have stepped down from the board, according to a statement from the college.
The college offered no explanation for the resignations other than stating “regular turnover on college and university boards is the norm...”
Diane Hendricks is co-founder and chair of ABC Supply, based in Beloit. She also is associated with many other business and charitable ventures in the area. She joined the board in 2011.
Jim Packard is retired, and previously held the top executive positions at the Regal Beloit Corporation. The Packard family also has been associated with several charitable efforts in the community over the years.
Both Hendricks and Packard have been longtime leaders of the civic development organization founded as Beloit 2000, currently known as Beloit 200.
Jim Sanger is former president of Rath Manufacturing and has served on the college board for over 20 years. The college’s Center for the Sciences was named after him and his wife, Marjorie, recognizing their efforts in supporting scholarships and other projects related to the college.
Chuck McQuaid joined the board in 2011. He is president and chief investment officer at Columbia Wagner Asset Management in Chicago.
“After many years of support, including completing the Powerhouse student union and recreation center project, and helping Beloit College finalize a new five-year financial plan, four Board of Trustees members have decided to step down from their official duties,” the release from the college stated.
“We thank them for their invaluable service. All have been exceptionally generous with their time, talent, and treasure. All fully understand the importance of an even stronger relationship between the City of Beloit and the College and will be active in supporting that further.”
The college indicated it has identified a number of potential trustee candidates to fill the vacancies on the board. Candidate names will be presented to the Beloit College Board in coming months, the college stated.
The college, like many higher learning institutions, has been struggling with declining enrollment and the challenges presented by the COVID-19 pandemic. Over the past couple years Beloit College has taken a number of actions, including staff reductions, to control costs and bring annual budgets into line with revenues.