BELOIT, Wis. (AP) — Billionaire businesswoman and benefactor Diane Hendricks has resigned from the Beloit College Board of Trustees just as the school is dealing with financial uncertainties brought on by the coronavirus pandemic.
Hendricks and three other trustees — Jim Packard, Chuck McQuaid and Jim Sanger — left the board, the school said in a statement Thursday that attributed their departures to “regular turnover” typical of college and university boards.
“After many years of support, including completing the Powerhouse student union and recreation center project, and helping Beloit College finalize a new five-year financial plan, four Board of Trustees members have decided to step down from their official duties,” said the statement from Elizabeth Conlisk, the school’s interim chief communications officer.
Hendricks is co-founder and chair of ABC Supply, based in Beloit, and is associated with many other business and charitable ventures in the area. Hendricks, also an active political benefactor, joined the board in 2011.
Packard is retired after serving as a top executive at Regal Beloit Corp. Sanger is former president of Rath Manufacturing and has served on the college board for over 20 years. The college’s Center for the Sciences was named after him and his wife, Marjorie, recognizing their efforts in supporting scholarships and other projects related to the college.
Chuck McQuaid joined the board in 2011. He is president and chief investment officer at Columbia Wagner Asset Management in Chicago.
Beloit College had enrollment of about 1,100 students last year before the pandemic hit. The Beloit Daily News reported the college had been moving to reduce staff and lower costs to cope with declining enrollment even before schools nationwide were hit by the COVID-19 pandemic.
None of the four trustees responded to Milwaukee Journal Sentinel interview requests.