Former University President Faust Named to MIT Corporation

Former Harvard President Drew G. Faust was named to the MIT Corporation, MIT’s board of trustees, corporation chair Robert B. Millard announced at the quarterly meeting Thursday.

The MIT corporation reviews and advises the institute's strategic direction and budgets. It also ensures long-term fiduciary responsibility and approves new degree programs, courses of study, and degrees. The corporation also advises MIT’s president.

Faust wrote in an email to The Crimson that she is “excited and honored” to join the institute’s corporation.

“Collaborations with MIT were highlights of my term as Harvard President, and I look forward to working with President Reif and the Institute in this new role,” she wrote.

Most of the MIT corporation’s work is conducted through committees such as the Executive Committee, the Investment Committee, and visiting committees for academic departments, student affairs, libraries, research, athletics.

Each Corporation member is required to serve on at least two visiting committees in addition to the standing committees.

The MIT corporation is similar to the Harvard Corporation — Harvard’s highest governing body — in its advisory role.

Faust, who served as Harvard’s first woman president from 2007 to 2018, is one of 12 term members elected, nine full-term members and three partial-term members. Terms last from one to five years; Faust will serve a two-year term.

As Harvard’s president, Faust oversaw a record-breaking capital campaign, increased Harvard’s global presence, and reformed the structure of the school’s governing bodies. In 2010, the Harvard Corporation increased its membership from seven to 13 members, created term limits, and created committees within the body.

Some of the full-term members of the MIT Corporation include Northrop Grumman chairman Wesley G. Bush, former Undersecretary of Commerce for Intellectual Property Michelle K. Lee,, former CEO of PepsiCo Indra K. Nooyi, and MIT student Adedoyin Olateru-Olagbegi.

The three partial-term members include Faust, retired Air Force four-star general Janet C. Wolfenbarger, and former Washington University in St. Louis chancellor Mark S. Wrighton.

Three life members were also elected — former Senior Vice Chairman of Citigroup Victor J. Menezes, entrepreneur and philanthropist Phillip T. Ragon, and Agman Partners chairman Jeffrey L. Silverman.

As of July 1, the corporation’s membership will comprise 75 members. Of the 75 members, 24 are life members and seven are ex-officio. 37 additional members are emeritus.

—Staff writer Michelle G. Kurilla can be reached at michelle.kurilla@thecrimson.com. Follow her on Twitter @MichelleKurilla.