Sent of behalf of Jim Izard, Member, Board of Visitors & Chair, EVMS Due Diligence Task Force
Last week, we sent a message listing the members of the EVMS Due Diligence Task Force. I wanted to share a few additional details about our efforts. The Board has charged the Task Force to consider the potential benefits and challenges a merger between EVMS and William & Mary would entail. First and foremost, the Task Force must determine whether such an arrangement makes sense strategically and pragmatically for EVMS in the short- and long-term.
The Task Force conversations are expected to be frank, deliberative, and focused on what is in the best interest of EVMS. While aspects of our exploration will need to be kept in strict confidence, it is the expectation of the Board of Visitors that:
- Members of the task force will share information, concerns and thoughts freely with each other;
- Campus constituencies (faculty, staff, students and alumni) will be afforded opportunities for input; and
- Periodic, appropriate public updates on progress in our deliberations will be provided to the campus community.
The President of William & Mary has requested their Task Force to provide a preliminary report no later than October 15. That report is to reflect the progress to that date. While we will certainly have no definitive answers by that time, we will provide a preliminary report of progress to the Board of Visitors in a similar timeframe. We will share details of our progress with the campus community as well. (Please bear in mind that some aspects of our due diligence deliberations must be kept confidential.)
We have not set a specific deadline for concluding the Task Force’s analysis of a potential merger, but expect the review to be conducted as expeditiously and prudently as possible. Currently, three specific activities are underway to fulfill the charge of the Task Force. First, Mark Babashanian is developing financial projections of the possible impacts of a merger.
Second, Dr. Homan, Dr. Combs, and I are working with the College of William & Mary to identify a consultant who will report to both institutions. The focus of the consultancy will be on developing an explicit statement of the strategic vision of a close affiliation or merger between the institutions that defines its value and make it attractive to both EVMS and W&M. The consultant is expected to be identified by the first of October and complete the work within 45-60 days.
Third, Neel Krishna will be arranging with the leader of the W&M faculty for an initial meeting between a small group of EVMS faculty members and a small group of W&M faculty members to begin to share information about the differing academic cultures.
Should you have comments or concerns, please feel free to share them with members of the task force (listed below). Thank you for your patience as we engage in this important effort. And, on behalf of the Board of Visitors, thank you for your service to EVMS and our community.
Member, Board of Visitors
Chair, EVMS Due Diligence Task Force