Four of the five regents of Western New Mexico University resigned following scrutiny over a costly exit agreement with former President Joseph Shepard, raising concerns over fiduciary management.
Governor Michelle Lujan Grisham urged the regents to resign to help restore stability at WNMU, stressing the importance of student service in her letter.
State investigations revealed that ex-president Joseph Shepard improperly spent about $360,000 in taxpayer funds, compelling accusations of mismanagement against the board.
Despite options to dismiss Shepard with minimal cost, regents decided on paying almost $2 million in severance and benefits, leading to fiduciary mismanagement allegations.
#western-new-mexico-university #joseph-shepard #regents-resignations #state-investigation #fiduciary-mismanagement
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