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Sumit Verma, chair of the university’s Board of Trustees, told the Post-Dispatch in an interview that school leaders will look to make expense cuts but not ones that affect students’ experiences.

Verma said Webster, which is looking for a new chancellor, wants to find someone who is “fiscally minded” — someone who can focus on profits and losses. A decision is expected by June.

“We need the right leader for the organization,” said Verma, a biotech executive.

The private, century-old university has lost more than $167 million in the past decade, including $37 million in the 2022-23 school year. Despite the losses, trustees continued to award raises to former Chancellor Beth Stroble and President Julian Schuster that made them among the highest-paid university leaders in the region.

Also, over the past year, the owner of Webster’s downtown St. Louis campus sued the university over unpaid rent. And a recent audit revealed that nearly $2 million had been “misappropriated” by a former employee in the previous school year; the university has not provided details but has referred the issue to authorities.

Four of Webster’s leaders, including Stroble and CFO Richard Meyer, have resigned in recent months, though Stroble is expected to help the university with future fundraising.

Webster is now petitioning St. Louis County Circuit Court to allow it to reclassify $37 million from donors as unrestricted, saying the funds would be used as a last resort. The endowment money had been earmarked for scholarships, research and professorships. A hearing is set for Feb. 16.

Verma said Tuesday the endowment money would not be used to pay the university’s bills. The move, he said, was made only to meet the requirements of a loan.

Verma also said he is bullish on Webster’s future. Enrollment grew 27% over the past year, to over 13,000 students, after the university focused on recruiting international students and pivoted to science, technology, engineering and mathematics degree programs. The university is based in Webster Groves and has five international campuses.

Verma, who has been a trustee since 2018, acknowledged that Webster cannot just rely on international students, given how quickly the political climate can change.

“We are looking at multiple levers to get us there,” he said.

As for possible cuts, Verma said the university would look at staffing and capital expenditures, as well as review executive compensation.

The board, he said, is stacked with trustees who are working hard to steer Webster in the right direction, including new trustee John Nickel, who leads creative agency Switch and co-owns the Great Forest Park Balloon Race.

“The board members we have on our team are the crème de la crème,” Verma said.