Duke BOT elects new chairman, approves 2013-14 budget
Posted May 11, 2013
Durham, N.C. — The Duke University Board of Trustees on Saturday elected David M. Rubenstein as its new chair, the school announced.
Rubenstein, a 1970 graduate of Duke, is the co-founder and co-CEO of The Caryle Group, a private equity firm. He term as chairman will begin July 1. BOT members Jack O. Bovender Jr. and Susan M. Stalnecker were elected vice chairs.
Aside from the election of Rubenstein's, the board of trustees adopted a $2.2 billion operating budget for 2013-14. It includes a 2 percent pool for merit-based raises for faculty and staff and strategic investments in select programs.
The budget includes the School of Medicine and School of Nursing but excludes the Duke Hospital and other clinical component's of the Duke University Health System.
The budges includes a 4.6 percent increase in financial aid for undegraduate students.
The board also on Saturday approved the construction of several athletic fields on Frank Basset Drive. The fields – two turf and one natural grass – will serve as practice fields for Duke's varsity lacrosse and soccer programs.