USC to Install New President Amid Budget Recovery
The university's new president takes office as the institution works to close a $200 million deficit through restructuring.
Updated on Oct. 16, 2026 in People
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The University of Southern California will formally install Beong-Soo Kim as its 13th president on October 16, 2026. Kim, who has served as interim president since July 2025, inherits an institution navigating significant restructuring and a $200 million budget deficit.
Why it matters
The leadership transition follows a period of financial upheaval for the university, characterized by the layoff of 1,000 employees and a push to balance the budget by the end of the 2026 fiscal year. Kim now assumes permanent authority to steer the school through this recovery while managing ongoing partnerships with firms like OpenAI.
The university conducted a national search involving over 1,000 candidates to select Kim, who takes the helm following a restructuring that included the layoff of 1,000 staff members. The new administration is working to close a $200 million budget deficit by the end of the 2026 fiscal year.
The players
Beong-Soo Kim
The 13th president of USC who previously served as the university's senior vice president and general counsel.
USC Board of Trustees
The governing body responsible for university oversight, fiscal policy, and leadership appointments.
Carol Folt
The former president of USC who announced her retirement in 2024.
The details
Kim joined the university in 2020 as senior vice president and general counsel before rising to lead the institution. During his time as interim president, he prioritized administrative changes and the Open Dialogue Project. He now faces the task of managing the university's operational and financial recovery following his unanimous election by the Board of Trustees in February 2026.
Timeline
February 4, 2026: Board of Trustees elects Beong-Soo Kim as president.
October 16, 2026: Formal installation ceremony at University Park campus.
Market Landscape
Kim is set to formalize his administrative vision, which incorporates the Open Dialogue Project, following his interim tenure. This transition reflects a broader shift at the university to integrate new technology partnerships with OpenAI while stabilizing the institution's finances.
Operators should monitor the university's fiscal recovery progress as the institution moves to eliminate its $200 million deficit by the end of the 2026 fiscal year. Stakeholders in university-affiliated procurement or partnerships should track potential shifts in administrative strategy under new permanent leadership.
The takeaway
Kim's appointment signals a shift toward stabilizing the university's internal operations after a period of intense headcount reduction. Local vendors and partners should prepare for updated procurement policies as the university aims to balance its budget by the 2026 fiscal year close.
Further reading
For more on administrative changes in the city, visit People.
More information
View full information about the investiture on the university portal.
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