Monday, March 10, 2008

Joyce Banjac may be Myers University's best hope

Posted By on Mon, Mar 10, 2008 at 5:29 AM

Judge Daniel Gaul is on the ropes. The self appointed savior of Myers University is desperately trying to dodge a right hook thrown by the bumbling of former university officials. They left Myers around $13 million in debt – and Gaul in a tricky situation that’s progressively getting worse… Back in January, Gaul was ebullient about the chances of Myers rebounding from financial ineptitude. He had thrown the president in jail for violating a gag order, replaced the board of trustees, and had two promising buyers. He was so confident about its future that he put it in the hands of receiver Mark Dottore, a man whose ethics are as fuzzy as a 1954 Zenith. But almost three months later, Gaul finds himself in a hole. His top potential buyer, Daniel Ho, from the University of Northern Virginia, has his own financial woes and can’t afford to purchase the place. Then his interim CEO quit. And then his interim president Joyce Banjac tried to quit. But lucky for Gaul, after much persuasion and a few heart to hearts, she decided to stay aboard. But if there’s anything going right with Myers, it’s Banjac. She may not save Myers, but at least she talks it straight. Example: “Yes it's a bit ridiculous for a business school to fail as a business. It a direct result of the former operators not paying attention to the business it was in. That’s like strategy 101. The former team was going into everything but the education business. In a sense we’re now victimized by villains that made improper choices.” She adds that her professional expectations for the university are driving co-workers crazy. But she’ll continue to annoy them if it means that Myers can live another day. –Bradley Campbell

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