HOBOKEN – Former Stevens Institute of Technology President Harold Raveche, who resigned from his presidential position after 22 years of service last year following a lawsuit from the state alleging financial mismanagement, will pay off more than $721,000 in low-interest loans the school gave him to buy two vacation homes, according to a report in the Star Ledger.
Raveche will continue to own the properties, one located down the shore in Lacey Township, and another in Mount Snow, Vt, according to the report. The 2 percent interest rate loans were one of the financial practices that raised eyebrows at the state level when Stevens was sued in 2009, according to the report.
Stevens lent the former president $1.8 million to buy the two homes as a perk, but eventually forgave half the loan, according to the report. Raveche earned a $1.1 million annual salary as president of Stevens.
Stevens recently hired a new president, Dr. Nariman Farvardin, currently the provost at the University of Maryland, who will earn a base salary of $625,000 when he takes office on July 1. Farvardin will replace Interim President George Korfiotis, who will return to the role of Provost at Stevens.