What Didn’t Work: Tongue-Tied at the Top

Realizing at last that they had a major governance issue on their hands, the regents took three decisive steps. First, they formed a special ad hoc governance committee to review the structure and processes of the board and to recommend changes.

Next, the regents created an independent committee, chaired by former U.S. Comptroller General Chuck Bowsher, to conduct a separate review of the crisis, as well as of the governance problems that led to its development. Finally, Regent Eli Broad phoned Small to suggest that the best way to avoid further damage to the institution was for Small to leave, and Small agreed. Small received no severance payment.