(This story was updated to correct an inaccuracy.)
The surprise resignation of Oklahoma State University President Kayse Shrum and another executive leading OSU’s Innovation Foundation has led to questions about their departure, many which remain unanswered.
Shrum resigned her post on Monday, but the announcement wasn’t made public until Wednesday. The Oklahoman also reported on the resignation of Innovation Foundation CEO Elizabeth Pollard.
The shakeup comes after OSU’s Board of Regents met Friday to put a leash on Innovation Foundation’s use of funds and ability to hire new employees. The regents took four actions after receiving confidential complaints, according to a report by NonDoc:
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Halt the transfer of money between OSU and the Innovation Foundation without a board-approved contract
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Discontinued the expenditure or transfer of legislatively appropriated funds from OSU Medical Authority to Oklahoma State University, except to comply with law
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Freeze hiring for employees who would provide services to the Innovation Foundation
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Hire a financial consultant to review compliance with legislative appropriations, and “analyze the impact on the financial integrity of the university”
What is the OSU Innovation Foundation?
The Innovation Foundation was launched at OSU in late 2023 as a “re-imagining” of the Oklahoma State University Research Foundation.
At its heart, the foundation is OSU’s way of creating a public-private partnership with industries that have a close connection with the university’s expertise and research. For example, the foundation is home to organizations focused on aerospace, energy and health.
The Innovation Foundation also supports startup companies and commercializes OSU’s intellectual property with Cowboy Enterprises.
How is the Innovation Foundation funded?
The Innovation Foundation appears to be funded by grants, corporate-sponsored research and revenue acquired through the commercialization of university-sponsored businesses.
It’s not clear how much money the foundation receives from Oklahoma State University.
The foundation also manages The Innovation Park, which is 678 acres dedicated to supporting startup companies, faculty collaboration, student research, offices and space for other facilities that meet the foundation’s mission.
The board of regents’ actions in their meeting last week, however, suggests that the Innovation Foundation might have received funds from the OSU Medical Authority, which oversees medical education, research and health care at the OSU Center for Health Sciences and OSU Medical Center, a teaching hospital. Last year, the Oklahoma Legislature appropriated more than $92 million to the OSU Medical Authority.
Key Innovation Foundation executive resigned
Along with Shrum, another executive who was instrumental in developing the new Innovation Foundation also left her position.
Gov. Kevin Stitt, Kayse Shrum and Jerome Loughridge wait April 15, 2020, outside of the Blue Room before the media briefing for the Governor’s Solution Task Force to provide an update on Oklahoma’s COVID-19 response.
Before Elizabeth Pollard became president and CEO of the OSU Innovation Foundation in 2023, she was president of Cowboy Technologies and executive director of the Research Foundation.
Until March 2023, Pollard also served on Gov. Kevin Stitt’s Cabinet in the role of secretary of science and innovation, which is a position Shrum held before becoming OSU’s president.
This article originally appeared on Oklahoman: Why did OSU President Kayse Shrum, Innovation Foundation exec resign?
