Babson President Higdon, Citing Accomplishments, Announces Intent to Step Down At End of 2001.

Business Editors & Education Writers

WELLESLEY, Mass.--(BUSINESS WIRE)--Jan. 4, 2001

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Babson College President Leo I. Higdon Jr. announced today that he will step down from his post at the end of 2001.

In announcing his decision to seek new challenges in the educational and not-for-profit sectors, Higdon said, "I'm gratified with the progress that Babson College has made toward the goals I set when I became president. Today, Babson is a stronger institution and better positioned to be a worldwide leader in management education than it was four years ago. Babson competes successfully for the best students and faculty with the leading management schools. It has become recognized worldwide as the #1 institution for undergraduate, MBA, and executive programs in entrepreneurship.

"Consolidating Babson's leadership position," Higdon added, "will require a major effort to increase the financial resources available to the college. As the college contemplates its next capital campaign, continuity in leadership is key. Given my own personal and professional priorities, I could not give the college the long-term commitment it needs. My decision to step down at the end of this year provides the trustees with ample time to find the next president who will lead the college throughout the decade ahead."

Brian M. Barefoot, '66, P'01, chair of the Babson Board of Trustees, said, "The trustees are proud of the progress that the college has made during Lee's presidency. Over the past three and a half years, the endowment has doubled to $220 million. Academically, the quality of Babson's programs is gaining wider recognition. U.S. News ranks Babson among the top 25 undergraduate business programs nationwide.

Babson is the only independent college in the top 25. The two-year MBA program is ranked in Business Week's top 50 MBA programs. Babson's Executive Education program is ranked 9th in the U.S. and in the top 15 internationally by The Financial Times. These all represent significant progress and bode well for the future."

Craig Benson, `77, a Babson Trustee, said, "Lee Higdon has been instrumental in bringing a focus on technologically innovative learning, broadening the undergraduate program, and creating greater diversity in the student body. He spearheaded major initiatives in these areas while at the same time raising the standards for academic excellence at Babson."

In recognition of his contributions, the Board of Trustees has named the Women's Leadership Scholarship Program in his honor. The college will also name its new Business Development Center for undergraduate students in Higdon's honor. The Higdon Center, which is part of Babson's new undergraduate facility that is planned for 2002-2003, will support the student businesses that are an integral part of Babson's dynamic undergraduate curriculum. Babson received funding from the Benson Foundation for the Higdon Center.

Brian Barefoot announced the creation of a Search Committee to be co-chaired by Trustees Anthony C. Woodruff, '65, and Kathyrn D. Karlic, '76, to find a successor. Other members of the Search Committee will be named shortly.

Higdon, 54, had been dean of the Darden Graduate School of Business Administration at the University of Virginia prior to being named president of Babson in 1997. Previously, he was vice chairman and member of the executive committee of Salomon Brothers, Inc., where he managed the firm's Global Investment Banking division. He was with Salomon Brothers for 21 years.

Babson College, recognized internationally as a leader in entrepreneurial management education, grants BS, MBA and custom MS degrees through its Undergraduate Program and the F.W. Olin Graduate School of Business at Babson College, and offers executive development programs to experienced managers worldwide through the Babson School of Executive Education. The College's newly launched for-profit venture, Babson Interactive LLC, develops distance learning programs and business simulations for executives and graduate students. More information about Babson College is available at www.babson.edu