In breaking news, American University’s Board of Trustees has issued a statement concerning the recent controversy over ousted president Benjamin Ladner’s $3.7 million severance package. Facing internal revolt from students, faculty and deans, acting chair Thomas Gottschalk and chair-elect Gary Abramson issued an apology to the campus, writing:

First, we want to be clear. We are chagrined that the board’s own processes over the years did not allow us to have a clear understanding of what contracts were in place, their provisions, and the various forms of compensation which the president was receiving. We acknowledge this deficiency and we apologize to the entire community for it.

Explaining the rationale behind Ladner’s controversial severance package, the memorandum states:

We will not here revisit all the arguments which we fully considered in deciding whether to risk probable litigation between the university and Dr. Ladner or, instead, to resolve all disputes and avoid altogether the risks, costs and delay inherent in litigation.

The memo also mentions the trustees’ intentions to promote changes in the university’s governance, including increased transparency in the decision-making process within the board and increased vigilance on university spending. It closes by requesting unity in the search for a new president, and expresses the hope that disagreements between the board and members of the campus community do not interfere with the university’s moving forward.

As of the time of this writing, there has been no response from students, faculty or deans.