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November 2004 Stanford Trustee Sums Up Decade
“The test of our success as trustees is not what happens next week but what the place is like in 25 years,” said former Stanford University board chairman Isaac Stein, MBA/JD ’72. Stein, who is president and founder of the private investment firm Waverly Associates, stepped down this year from his 10-year stint on the Stanford board due to term limits. In an interview with Stanford Report, Stein noted that the past two decades were a perfect time for Stanford. “We had a booming economy, a significant increase in government-funded research in the sciences; we had tremendous growth in the technology industry. It was a good time to be a major research university with a strong science capability in Silicon Valley.” But, he said, the trustees believe “it would be very dangerous to assume that those trends will continue for the next 20 years. It doesn’t mean we see the sky falling. It simply means we need to look at different ways in which benefits would come.” Reflecting on his role as a trustee, Stein said: “There are very few times in our lives that we get to touch an institution that truly makes a difference in the world and not just to us as individuals. Stanford is such a place.” Stein’s successor as chairman of the university board of trustees is Burton McMurtry, a former member and chair of the Business School’s Advisory Council. |
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