SILVER CITY, NM — The president of Western New Mexico University, who did faced scrutiny over his spending over foreign travel and his wife’s use of a college credit card, resigned Friday as part of a deal that guarantees him a new job and $1.9 million.
Joseph Shepard’s resignation follows an investigation The New Mexico State Auditor’s Office found that top university officials and regents had failed to meet their fiduciary responsibilities. The audit, made public last month, cited more than $363,000 in expenses that were not in compliance with university rules.
Shepard’s last day will be January 15 Santa Fe New Mexican reported. He will receive a one-time payment of $1.9 million, or what he would have earned in five years as president, the newspaper said.
Shepard, 60, also got a job teaching for five years at the university’s business school. The position pays a minimum of $200,000 annually.
The university’s Board of Regents approved the deal 5-0. During the meeting, Shepard said the accusations against him were lies, the newspaper said.
“A lie goes halfway around the world before the truth puts on its shoes,” he said.
State legislators started to raise questions last year about Shepard’s spending on international travel and luxury furniture. Despite the supervision, regents threw their support behind Shepard.
University officials said in a statement at the time that WNMU takes its fiduciary responsibility seriously.
“The university adheres to strict budget standards to ensure that all dollars are maximized for the benefit of its students, faculty, staff, community and the citizens of New Mexico,” the university said.
Although the name has changed several times over the years, Western New Mexico’s history dates back to the 1890s, before statehood.
Shepard was named president in 2011 after a 16-year career at Florida Gulf State University, during which he served in various administrative roles. His wife, Valerie Plame, is a former CIA operations officer who unsuccessfully ran for New Mexico’s 3rd Congressional District during the 2020 Democratic primaries.