The evolution of higher education with Mary Sue Coleman

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Mary Sue Coleman is the former president of the University of Michigan from 2002-2014 and again, briefly, for ten months in 2022.  Her work has earned her a place in Time Magazine’s “10 best college presidents,” as well as the Lifetime Achievement Award from the American Council on Education.  In our recent hour-long interview, we discussed everything from her experience in becoming the first female president of UI to her thoughts on Michigan issuing a 100-year bond.

The importance of connection in leadership

When you are in a leadership role, whether it be in academia or the business world, you will be faced with problems that haven’t been solved before. As a leader, you’re called upon to make consequential decisions that will likely face some form of scrutiny.  Although it is important to be confident in the decisions that you make, Mary believes that it’s equally important to listen to others and hear them out. You should not be easy to sway. However, it’s important to remember that the decisions you make are not in a vacuum and will inevitably affect others, so hearing what those other people have to say is key.

The evolution of finances in the university

Although many are aware of how large publicly traded entities are in terms of revenue and expenses, few understand just how big some of the largest universities have become over time.  For instance, in 2023, the University of Michigan brought in roughly $12 billion, with the state of Michigan providing just $350 million of that revenue. This means that the presidents of large universities like the University of Michigan are much more similar to the CEOs of large publicly traded companies than you might think. Large universities have to manage the same things that publicly traded companies have to manage, including the issuing of new debt, M&A, capex, hiring, and more.  

Being on the NCAA Board

Throughout her time at the University of Michigan, Mary Sue was on the NCAA Board, which has undergone some very notable changes in the past year. For instance, the NCAA has recently allowed players to earn money through their name, image, and likeness (NIL) - something that had been disallowed for a very long time.  Mary Sue believed that this was inevitable, given that college sports have become so popular and the pay discrepancy between coaches and players grew to be astronomical.  

Want more?

In the Walker Webcast, I have the honor of talking with some of the brightest minds and most influential leaders of our time. To see our list of upcoming guests, be sure to check out the Walker Webcast. Also, be on the lookout for the best hour in CRE with Dr. Peter Linneman on April 10!