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NYU President’s Exit Signals Shift From High-Spending Era

New York University’s announcement that President John Sexton will leave in three years could signal a shift from an era of bold plans and big spending in U.S. higher education.

Sexton, under fire from the faculty amid criticism of a campus expansion and college administrators’ pay and perks, will step down after his term ends in 2016, when he will be 74. The school will also stop lending hundreds of thousands of dollars to executives and faculty for vacation homes, the board of trustees said in a letter this week.