Ross Stevens, CEO of Stone Ridge Asset Management, took steps to withdraw his planned $100 million gift to the University of Pennsylvania (UPenn) in protest of the school’s response to reports of antisemitism on campus.

The gift, which was in the form of limited partnership units in Stone Ridge and intended to establish a center for innovation in finance, was withdrawn following the congressional testimony by UPenn president Liz Magill. Last week, Magill and other university presidents spoke during a hearing of the House Committee on Education about antisemitism on college campuses and came under fire for their responses.

Days after the hearings, UPenn released a statement that Magill and board of trustees chair Scott L. Bok will resign from their positions. Even before the hearings, Magill had been criticized for the university’s initial response to the Hamas attack on Israel in October as well as for the university approving of a Palestinian literary conference on campus that included alleged antisemites, the New York Times reports. Julie Platt, vice chair of the board, was named interim chair; Platt also serves as board chair for the Jewish Federations of North America.

While the board aims to make a recommendation for successors as soon as possible, trustees will face at least one faction of worried faculty members, the Times reports. After Magill’s resignation, the Penn chapter of the American Association of University Professors said that “the ability of donors, lobbying groups, and members of Congress to destabilize the University of Pennsylvania reveals the need to restore a strong faculty voice in the governance of the institution.”

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