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Former Chicago Public Schools CEO Paul Vallas on his new appointment to the board of beleaguered Chicago State University.

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Chicago State University Trustees voted 6-1 to accept the resignation of President Thomas Calhoun after only nine months on the job, and OK’d a $600,000 severance package for him.

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It has already cut its school year short and is now warning of hundreds of layoffs. Chicago State University's chancellor says the school is in shock because the state budget stalemate has starved it of funding. But is the 150-year-old school in danger of closing?