Wake County

Shaw University reveals $2 million cost-savings plan

The interim president at Shaw University rolled out a cost-savings plan on Friday that could save nearly $2 million in the coming year.

Gaddis Faulcon, who has been the acting president of the South’s oldest historically black college since January, offered few details in a news release sent out Friday.

Efforts to reach him since then have been unsuccessful.

Faulcon, who joined the Shaw faculty in 1998 and has been a longtime professor and dean there, said the savings would come from the elimination of positions that have been vacant, restructuring contracts and “limited personnel reductions.”

What those reductions would be was not specified.

Faulcon said in the release that the plan would give Shaw, founded in 1865, a chance at fiscal stability.

“We want to not just survive, but thrive,” Faulcon said, “and we can only do so by continuously examining our internal processes to determine how we can be more effective.”

Shaw has faced management challenges in recent years.

There has been turnover at the top and budget woes across the university, which has more than 2,100 students in more than 30 degree programs.

“These are challenging times for institutions like Shaw, but we will continue to scrutinize every dollar spent,” Faulcon said in the news release.