10 A DECADE OF PROGRESS 2003 Dr. Bar<strong>to</strong>n’s Presidency Begins Larry Bar<strong>to</strong>n, CAP ® , Ph.D., joined <strong>The</strong> <strong>American</strong> <strong>College</strong> in the summer of 2003. His visionary leadership <strong>to</strong>ok the educational institution focused on the financial services profession in<strong>to</strong> the digital era.
Dear Friend of Our <strong>College</strong>: This is my final letter <strong>to</strong> you as President and Chief Executive Officer of <strong>The</strong> <strong>American</strong> <strong>College</strong>. A decade ago, our <strong>College</strong> faced very serious issues. After accepting the role of President in 2003, but before arriving in Bryn Mawr, I enrolled in the Essentials of Life Insurance course so I could begin <strong>to</strong> understand the student experience. When a box arrived in San Francisco a week later, there were two books and eight cassette tapes. My wife Eliza and I struggled <strong>to</strong> find a Radio Shack in the Bay Area that even sold cassette players! That was the beginning of an awakening: a great institution was tired. It had not kept pace... with technology… in faculty development… with financial discipline… in making courageous decisions. Thanks <strong>to</strong> hundreds of wonderful men and women, we rallied. Members of our Board of Trustees and Foundation Board supported a vision that required we monetize our physical campus so we could reinvest in the dream of Dr. Solomon S. Huebner, the founder of <strong>The</strong> <strong>American</strong> <strong>College</strong>. As a result, we introduced five new centers of excellence in veterans’ affairs, women’s studies, retirement, practice management and ethics. We recruited <strong>to</strong>p faculty members from other institutions. An Alumni Association, allowing graduates <strong>to</strong> connect and learn with live programs nationally, was introduced. We then built <strong>The</strong>WealthChannel.com and <strong>The</strong> Wealth Channel Magazine <strong>to</strong> keep learning alive, pertinent and as close as your mobile device. We developed the nation’s first Ph.D. in Financial and Retirement Planning. <strong>The</strong>se and other efforts enhanced a remarkable citadel of learning. <strong>The</strong>se actions also required unpopular decisions. I had <strong>to</strong> freeze a defined benefits plan for all employees and an overly generous retiree package that included lifetime medical coverage for employees and their spouses. Over 100 people out of approximately 240 persons were eventually replaced within our ranks as skill sets and our financial status were scrutinized. Some decisions led <strong>to</strong> <strong>to</strong>xic accusations by reckless people who claimed <strong>to</strong> love <strong>The</strong> <strong>College</strong>, but whose personal agendas were transparent. Somehow, thanks <strong>to</strong> leaders from great organizations and many independent advisors, we remained focused on “What would Dr. Huebner do” Ultimately, rebuilding <strong>The</strong> <strong>College</strong> and then embarking on the One Person campaign <strong>to</strong> achieve $50 million in new funding became a magnet for a sense of “I Believe.” In the next phase of my life, I am excited <strong>to</strong> now serve as Chancellor of <strong>The</strong> <strong>American</strong> <strong>College</strong> and continue as the O. Alfred Granum Chair in Management. This allows me <strong>to</strong> serve our institution in a capacity of thought leadership, and my first passion, that of teacher. To each of you, for your engagement and generosity, thank you. Your stewardship ensures that <strong>The</strong> <strong>College</strong> will continue <strong>to</strong> thrive and change - always forward looking - as higher education itself experiences rapid transformations. It has been an exciting and rewarding decade… and, with your continued support, the best is yet <strong>to</strong> come. Sincerely, Larry Bar<strong>to</strong>n, CAP ® , Ph.D. 2004 MSM Reinvigorated Only two students were enrolled in a dying program when the Masters of Science in Management degree was resurrected with a new emphasis in leadership. <strong>The</strong> first class with this new emphasis graduated in June 2005. First Knowledge Summit Held <strong>The</strong> first major Knowledge Summit educational event was held in conjunction with commencement ceremonies on December 6, 2004 in New York City. 1
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