CONNECT . MOTIVATE . INSPIRE .
T alk of mergers, acquisitions and assumed liability doesn’t exactly seem like academic banter. These financial terms tend to be exchanged during closed-door C-suite meetings in skyscrapers amongst corporate business leaders when a big deal is being considered. That is, unless your background is in banking and you’re the leader of an institution of higher learning. Four years ago, Dr. Tony Allen masterminded a way to combine his financial business acumen, fervor for academia, and love for his hometown HBCU–by becoming its president. Allen fanboyed Delaware State University while a student at William Penn High School in the late 1980s. While he didn’t attend DSU in an effort to take advantage of a full ride, he kept close watch while studying at University of Delaware for his bachelor’s in political science and at Baruch College for his master’s in public administration. Before he returned to University of Delaware for his doctorate in urban affairs and public policy, Allen figured out his life’s work should be devoted to education.
“This is the best professional decision of my life,” said Allen. “In 1995, I wrote down 10 goals on my vision board. One goal was to be president of Delaware State University. I thought Delaware State was a hidden gem, not particularly well known, despite it being full of exceptional alumni, colleagues and peers. It was always my goal to be there to take the ‘hidden’ off the gem.” The Long Walk to DSU But first, Allen decided he’d get some leadership development under his belt as co-founder of Public Allies Delaware. He then delved into speechwriting for then-United States Senator Joseph R. Biden, Jr. in 1997. Allen then added four years of social justice leadership to his portfolio as founding President of the Metropolitan Wilmington Urban League, which was followed by a 13-year stint in banking where he was ultimately head of Corporate Reputation for Bank of America. By 2017, he ultimately found his way to DSU when he was named provost and professor of public policy. Just three years later, in January 2020, he was named president
over the 133-year-old institution.
the resignation of its president. Allen said Wesley College searched for a collaboration partner to remain open, but DSU never made their list–not until Allen invited the DSU to the bargaining table. “Before I became president, I watched Wesley College shop around for partnership, and I said we wanted an at bat,” recalled Allen. “Two years later, we were able to complete the deal. For DSU, we needed a presence in downtown Dover. They had a very pristine nursing program which we thought was attractive, 20 buildings, 600 students, and 50 acres of land downtown. All of their assets valued at $30 million.” “Our view was we could not use dollars,” continued Allen. “They would have to give us their assets in order for this to work. Students needed somewhere to be educated, something had to be done with buildings, and capacity needed to be built. We assumed all liabilities, so there was no monetary exchange. That was very, very helpful in how we were able to do it,and how we continue to do it.”
And that’s when it happened. Allen’s portfolio of experience in public service, mentorship, organization leadership, communications, finance and academia led to the very first HBCU acquisition and merger of a predominately white institution (PWI) in 2021. “That’s all him: bringing the business acumen into the academy,” said Harry Williams, Ed.D. who served as DSU president from 2010 to 2018. He is now President & Chief Executive Officer Thurgood Marshall College Fund. “He is a transformational leader, an innovator and visionary. He’s not afraid to do things that others may not want to do. He saw how we could increase overall enrollment and increase revenue. Those are business terms that you don’t usually see in the academy.” An Acquisition Like No Other Wesley College, a 127-year-old, small liberal arts institution located in the state’s capital of Dover was struggling to keep its doors open since 2007 following
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