After allegations of reckless spending, the leader of the ºÚÁϳԹÏÍø State Colleges and Universities is on his way out, but not entirely.
Chancellor Terrence Cheng will be stripped of his leadership position and moved to a new job, "strategic advisor to the Board of Regents," the board announced Monday.
Cheng will take the position effective July 1. An interim chancellor will be named in the coming weeks. The board will not renew Cheng's contract when it expires in June 2026.
Cheng will continue to earn an annual salary in excess of $400,000 in his new role.
Several months ago, an audit found questionable spending by Cheng and other officials in the higher education system. Some of these expenses included expensive meals, alcohol, sports tickets and dry cleaning, which were all put on state credit cards.
Cheng spoke to state lawmakers about the problems at a hearing back in February.
"I acknowledge that my actions have raised serious concerns about financial oversight and transparency," he said.
In a statement Monday, Cheng said it was "a true honor to serve as Chancellor of the CSCU system and its 65,000 students."
The CSCU system includes public universities and community colleges, but does not include UConn.
"I am incredibly proud of the work we have done to eliminate barriers to higher education, and increase educational access, equity, and opportunity for students, particularly for first-generation and minoritized students." he said. "I remain deeply committed to this work and will continue to work with the Board of Regents and build on the success of the CSCU system."
State Rep. Gregg Haddad and State Sen. Derek Slap, both Democrats, said in a statement Monday that students will be impacted by whomever the Board chooses as a new leader.
"The system needs stability and the stakes are high," the pair wrote.
This is a developing story.
