Trustees, lenders and governing boards are driving urgent leadership moves at financially stressed institutions. The University of West Florida’s Board of Trustees appointed former Florida lawmaker Manny Diaz Jr. as president amid faculty objections that the search process was rushed and lacked finalists. At Saint Augustine’s University, a lender’s offer to refinance debt came with the demand that specific trustees be removed; the university accepted terms that appear to have led to board departures. Faculty governance leaders at West Florida publicly criticized the search process, citing statutes that typically require multiple finalists. Trustees voted overwhelmingly to confirm Diaz and agreed to a compensation package that raised additional concerns about process and transparency. At Saint Augustine’s, Self-Help Ventures tied financing to board changes, prompting debate about donor and lender leverage over institutional autonomy. These developments underscore how cash-strapped colleges are ceding governance influence to outside financiers and politically connected appointees. Campus communities and accreditors are watching for fallout on faculty morale, shared governance norms, and long-term financial stability.