Henry DeVries, vice president for administration, finance, and information services at Calvin College, is stepping down from his position by mutual agreement with the college.
The announcement was made by college president Michael Le Roy on November 26. Calvin College, located in Grand Rapids, Mich., is owned by the Christian Reformed Church.
DeVries’s departure comes following the revelation that the college is facing payments on more than $100 million in debt that will come due in 2017. The college is currently undergoing an 18-month review to redirect about 10 percent of its budget to service the debt.
During DeVries’s tenure, the college had investments in hedge funds and risky real estate deals that DeVries wrote about in an article called “Wise Buys” that was published online by the National Association of College and University Business Officers.
The college’s board of trustees has since hired a fiduciary investments advisor to review and implement a new investment policy.
Sally Vander Ploeg, currently director of gift planning and major gifts, will assume the role of director of finance and chief financial officer on an interim basis.