Our well-placed Stevens sources have informed us that Arthur E. Imperatore Sr. has resigned from the Stevens Board of Trustees. His action took place during the October 7th meeting of the BOT.
After Imperatore ordered a closed-door session of the Board, there was a very heated discussion among the BOT members about the Institute's developing financial problems as chronicled by the print and broadcast media.
Imperatore demanded that the Stevens Administration make available to all BOT members a full and complete accounting of the Institute's finances. Raveche and a few key BOT members refused to comply with Imperatore's demand prompting him to quit on the spot and they in turn voted to remove him from the Board after he left the premises.
At this time, it appears likely that Imperatore will cancel his multi-million dollar financial pledge made to Stevens resulting in the Science School bearing his name. The loss of Imperatore as a Stevens benefactor will have a profound impact on the already highly questionable financial stability of the Institute.
Stevens Institute of Technology
