(RNS) Oral Roberts University formally installed its new president Friday (Sept. 25), two days after announcing it had cleared its books of long-term debt.
Mark Rutland, president of Southeastern University in Lakeland, Fla., since 1999, succeeded Richard Roberts as president of the charismatic Christian school in Tulsa, Okla. Roberts resigned after being embroiled in a scandal related to lavish spending.
Oral Roberts, the university founder and father of Richard Roberts, helped conduct Rutland’s installation.
“I am aware that I come to a great university already in progress,” Rutland said. “It will be rolling on for years to come.”
On Sept. 23, the board of trustees announced the elimination of $55 million in long-term debt, with the help of more than 15,000 donors.
“We are extremely thankful to all the donors who stepped up to support ORU,” said Mart Green, trustee board chair, whose family earmarked $30 million of a $70 million gift to reducing the school’s debt. “ORU’s long-term debt was a major dragon to slay for future success. We can now move forward with confidence and continue to make this university the best it can be.”
