The board that oversees higher education in New York State has approved a plan by Paul Smith's College to add philanthropic patron Joan Weill to its name in honor of a major donation, the Albany Times Union reports.
Monday's vote by the state Board of Regents leaves court approval as the only remaining hurdle to rechristening the private four-year institution in the Adirondacks as Joan Weill-Paul Smith's College.
The $20 million pledge from Ms. Weill and her husband, former Citigroup head Sanford Weill, hinges on the proposed name change and has drawn strong opposition from Paul Smith's alumni, The Post-Standard of Syracuse writes. College President Cathy Dove said the gift will secure long-term financial stability for the campus, which reportedly made plans last year to cut staff by 12 percent through layoffs and attrition. A number of faculty have registered support on social media for the change.