The President of Guilford College, Kyle Farmbry, is stepping down after three years on the job.
Farmbry made the announcement following discussions with the board of trustees about the strategic path forward for Guilford College.
The institution is facing significant challenges including financial troubles that pre-date Farmbry’s arrival.
Board Chair Jean Bordewich is serving as interim president. She says the coming year is crucial for Guilford.
“We need to make some significant changes to close our gap between revenues and expenses," she says. "That doesn't happen overnight, but we're certainly going to get pretty far down the road this year. We have to do that. But the most important thing is to maintain and enrich the student experience because that's why we're here.”
Bordewich says college officials won’t be searching for a new president right away. Instead, the focus will be on long-term sustainability.
The Southern Association of Colleges and Schools Commission on Colleges says it is continuing Guilford’s accreditation but the institution will be on probation through December over its financial issues.