The King’s College has ended an opaque partnership with Primacorp Ventures, a Canadian for-profit education company, that has been accused of contributing to the destabilization of the private evangelical college in New York City, which is currently fundraising for its survival.
The King’s College Board of Trustees made the announcement late Friday that it had agreed “mutually and amicably” to end its “collaboration agreements” with Primacorp. The decision will end Primacorp’s involvement in the business side, as well as its representation on the Board of Trustees. Primacorp’s agreement with the King’s College mandated that four representatives be placed on the board. On Friday, the college announced that the following members had resigned from the Board of Trustees: Rodney Bergen, Jim Cunningham, Soon Chung and Marvin Kehler.
Eight new trustees were named to the board: Andy Mills, John Beckett, John Urban, Matt Dieterle, Steve French, Bethany Pickett Shah, Alexandra Harrison Gaiser and Christopher Ross. Interim president Stockwell Day, who has Primacorp ties, will remain in place.
Primacorp allegedly failed to deliver on major promises to the college, with sources telling Inside Higher Ed last month that CEO Peter Chung had promised to bring in 10,000 students within three years via a nascent online program that was ultimately shuttered in a year after it delivered around 150 students. Primacorp was also involved in marketing and fundraising. Chung’s involvement has prompted increasing scrutiny, given his history in Canada, where he has capitalized on real estate deals prompted by failed colleges associated with his company.
Prior to the dissolution of the Primacorp partnership, it was announced that Chung provided a $2 million loan to the college to keep it operational through the end of the semester. The King’s College has not yet announced whether it will remain open or close due to financial struggles.