Harold J. Raveché
|Harold J. Raveché|
Harold J. Raveché
|6th President of Stevens Institute of Technology|
|Term||1988 – 2010|
|Predecessor||Kenneth C. Rogers|
|Born||Brooklyn, New York|
|Alma mater||University of California at San Diego|
Education and early career 
Raveché was born in Brooklyn, New York. He earned his Bachelor of Science degree in chemistry at Hofstra University in 1963. He then earned a Ph.D. in physical chemistry and statistical mechanics from the University of California at San Diego, where his research was in statistical mechanics.
Following his PhD work at UCSD, Raveché was awarded a research fellowship working with Melville S. Green at the National Institute of Standards and Technology (NIST), and then accepted a research chemist position. At the NIST, he founded the thermodynamics division and conducted a federal study on supercomputing.
In 1985 Raveché was named Dean of Science at Rensselaer Polytechnic Institute, where he helped restructure their Science Initiatives Program to advance science education and helped increase the program’s federal research grants to $9 million. He also attracted 27 new faculty members from institutions such as the National Academy of Sciences and Duke and Columbia Universities.
Stevens Institute of Technology 
In 1988, Raveché was named president of Stevens Institute of Technology to replace Kenneth Rogers, who joined the Nuclear Regulatory Commission. His goals upon accepting the position included: increasing the number of guest lecturers to enhance students’ interest in the sciences, improving the university’s national reputation, and encouraging students to participate in research projects. Raveché also hoped to improve the students’ communication skills with humanities courses and to develop courses in polymer processing and the analysis of coastal lands and the coastal ecology.
At Stevens, Raveché connected the university’s research programs with business and government to encourage technology development. He promoted Stevens’ trademarked Technogenesis education process, in which students learn how to commercialize the university’s research and ideas.
Raveché also emphasized the importance of a well-rounded student experience at Stevens. He expanded the Scholar-Athlete program and oversaw the renovation of student dormitories and the construction of new buildings, including the Lawrence T. Babbio, Jr. Center for Technology Management and the Rocco Technology Center.
Allegations of financial misconduct 
On September 17, 2009, New Jersey Attorney General Anne Milgram announced charges against Raveché and board of trustees chairman Lawrence Babbio, Jr. According to the state's 16-count lawsuit, Stevens' leaders kept several trustees in the dark about the school's financial condition. Raveché and his administration allegedly spent the school's money at greater rates than the board approved, scavenging restricted assets, excessive loans and gifts to the school earmarked for other purposes. Milgram is also seeking reforms to the school's governance and accounting.
The lawsuit alleges that Raveché and Babbio misrepresented the finances of the school and caused the endowment to fall by $42 million dollars from $157 million in 2000 to $115 million in 2009. The lawsuit brings to light that Raveche received below-market loans from the school, at least some of which were forgiven by Stevens. The complaint also raises questions about Raveche's salary which has been greater than that of the president of Massachusetts Institute of Technology, a much larger, better known school. Raveche's last year salary was approximately $1,119,685 plus $350,000 expenses for a total compensation of $1,469,685.
The school has denied the allegations and contends that the state attorney general has overstepped her legal authority. Stevens unsuccessfully sought to keep the Attorney General's lawsuit a secret.
The New York Times reports that Jack B. Siegel, a Chicago lawyer specializing in nonprofits, said that the Stevens case is "the case of the year" in nonprofit circles because there are accusations that the school was "keeping two sets of books, misleading the board and forgiveness of below-market-rate loans." Siegel was reported to say that the "entire process of oversight looks tainted. You rarely see a case this extreme." In a later editorial, the New York Times called this matter the "The Stevens Scandal" and has asked New Jersey's incoming Attorney General to pursue the case vigorously. The Stute, the Stevens campus newspaper, has declined to provide opinion on the lawsuit because "all of the facts involved in the lawsuit have not yet been made public."
On January 15, 2010, a settlement between the school and the Attorney General's office was reached. As a part of that settlement, Raveché stepped down as president at the end of the 2010 school year and must repay the mortgage which the school had previously extended to him. Many of the remaining terms of the settlement agreement are focused on limiting the ability of the school's president to control the board and to prevent future financial misconduct. Raveché was succeeded by Nariman Farvardin.
Innovation Strategies 
After leaving Stevens, Raveché founded Innovation Strategies, a company which assists universities, corporations and government agencies with entrepreneurship and innovation. Raveché currently is the Science and Technology Advisor to President Fernandez of the Dominican Republic. Raveché serves as Entrepreneur-in-Residence at the National University of Malaysia, and lectures on innovation in Taiwan and Korea.
- Parisi, Albert J. (1988-05-01). "New Head of Stevens Sets Goals". The New York Times. Retrieved 2010-05-04.
- Farrell, Maureen (2008-09-12). "Universities That Turn Research Into Revenue". Forbes.com. Retrieved 2011-03-12.
- Dillon, Sam (2009-12-21). "New Jersey College Is Beset by Accusations". New York Times. Retrieved 2009-12-22.
- Editorial (27 December 2009). "The Stevens Scandal". The New York Times. Retrieved 27 December 2009.
- Voreacos, David (2009-09-18). "Stevens Institute, Officers Sued by New Jersey for Mismanaging". Bloomberg. Retrieved 2009-12-28.
- "Stevens Institute of Technology: Board of Trustees Statement". Stevens.edu. Retrieved 2011-03-12.
- [dead link]
- Editorial (2009-11-13). "Transparency". The Stute. Retrieved 2009-12-28.
- "FINAL CONSENT JUDGMENT". 2010. Retrieved 2011-03-12.
- "Innovation Strategies". Innovation Strategies.
- "Stevens Institute of Technology President Raveche Appointed as Science, Technology and Innovation Adviser to Government of Dominican Republic". PR Newswire.
- "UKM Revs Up Efforts to Bring Research Findings and Other Innovations to Marketplace". Universiti Kebangsaan Malaysia.
- "Academic Entrepreneurship & Innovation: Harvesting the Benefits of University Research". POSTECH.