"Averett University announced Wednesday that its board has appointed David Joyce as its 15th president. Tiffany Franks, who has served nearly 17 years as president of the Danville private university, will retire Jan. 5, 2025.

The leadership change comes following months of headlines about the school’s financial woes and cost-saving measures like staff furloughs and program cuts.

In September, Averett announced that Donald Merricks, a retired bank president, former state delegate and a two-time alumnus, had stepped in as the school’s interim chief financial officer. A news release did not address why the position was empty.

And in November, the university decided to eliminate five undergraduate majors — art, chemistry, math, modern languages and religion — as well as the criminal justice master’s degree and the symphonic band program, according to the Danville Register & Bee.

Cassie Williams Jones, associate vice president of university marketing and communications at Averett, did not immediately respond to a request for comment about the leadership change.

However, a news release about the newly selected president alluded to the university’s financial struggles," reports Virginia Business.