SAM HEMINGWAYFree Press Staff Writer

A three-person transition team has been appointed to oversee operations at Burlington College in the aftermath of the resignation of its beleaguered president, Christine Plunkett, late last week.

The college's board of trustees, in a statement released late Monday afternoon, said Michael Smith of Essex, a former president of Fairpoint Communications' Vermont operations and former state Administration Agency secretary, will serve as the college's interim president.

Jane Knodell of Burlington, a University of Vermont economics professor and former UVM provost and senior vice president, will serve as interim provost.

Colchester businessman David Coates, a member of the Governor's Council of Economic Advisors and a member of the board of trustees at Green Mountain Power Co. and National Life, will serve as the college's interim financial advisor.

EARLIER COVERAGE

"We are fortunate to have three individuals who are committed to the college, to its vision, and to the financial plan adopted by the board and former President Plunkett," Yves Bradley, chairman of Burlington College's board of trustees said in the statement.

"This team brings decades of management, academic, and financial expertise to the College as we deal with the challenges before us," Bradley said.

Smith, Knodell and Coates could not immediately be reached for comment, nor could Plunkett.

Coralee Holm, director of community relations for the college, said in an email to the Burlington Free Press that the transition team members would not be available for comment until a news conference at 1 p.m. Tuesday at the college's campus on North Avenue.

The statement released by the college said Plunkett resigned "last week" but failed to say whether she resigned before or after she was confronted by students Friday following a meeting with the board in downtown Burlington.

The students surrounded her car as she tried to drive away, complaining to her that she had not tried to communicate with them and calling for her ouster.

At one point, a frustrated Plunkett abruptly said, "OK, I resign. Happy? Goodbye."

The students then stood back, allowing her to back her car out of a parking spot and drive away as they cheered.

College officials could not be reached later Friday to confirm whether or not she actually had resigned. Monday's statement was the first public acknowledgment that Plunkett had stepped down from the post she had held since 2012.

The small, private college has been in financial turmoil for some time.

In July, the regional crediting agency, the New England Association of Schools and Colleges, put the college on a two-year probation because of concerns about finances.

It's accreditation remains in effect, but the college is required to file detailed, periodic reports with the agency with updated information on finances and enrollment.

Among the college's financial challenges is a debt exceeding $10 million, the result of its 2010 purchase of the 32-acre lakefront property of the Burlington Catholic Diocese.

Last year, Plunkett's administration announced a master plan that called for retaining the northern half of the property as a campus, and developing the southern half for housing. Proceeds from the development would retire about half the debt, Plunkett said.

Another financial problem emerged earlier this month, when it was disclosed that the college had failed to make some payments to faculty/staff 403(b) retirement savings accounts. Plunkett has told the staff that this was an oversight, that the problem had been rectified and the accounts made whole.

Plunkett had said that fall enrollment was expected to be down from the previous year. The board's Friday meeting with Plunkett was believed to include a review of an academic year budget reflecting lower enrollment.

The transition team named by the board will bring together an unusual mix of talent, community connections and divergent politics.

Smith, who once ran for state treasurer as a Republican, helped stabilize Fairpoint Communications operations in Vermont after the firm incurred financial troubles following the purchase of Verizon's land line holdings in northern New England in 2008.

Knodell, a longtime Burlington Progressive city councilor, served as UVM provost for three years under former President Dan Fogel and stepped down in late 2012 after UVM President Thomas Sullivan took office.

Coates, a retired accountant for KPMG, has close ties to various business and charitable groups and has served as an advisor to governors of both parties, most recently as head of the Tropical Storm Irene recovery relief fund for Gov. Peter Shumlin.

Plunkett, who was Burlington College's vice president of administration and finance before becoming president. She replaced Jane Sanders, who resigned her post in 2011. Sanders is the wife of U.S. Sen. Bernie Sanders, I-Vt.

Contact Sam Hemingway at 660-1850 or shemingway@freepressmedia.com. Follow Sam on Twitter at www.twitter.com/SamuelHemingway.