For the first time in its 144-year history, Shaw University will be under the leadership of a female. Dr. Dorothy Cowser Yancy was announced Tuesday as the board of trustee's choice for interim president.

Yancy had just retired after 14 years as president of Charlotte's historically-black Johnson C. Smith University when she was offered the interim position. She said she wants to help Shaw get back on its feet as the board searches for a more permanent replacement.

"We have lots of work to do," Yancy said. "Shaw has been around too long to fail. I believe in higher education, but I am totally committed to black higher education."

She replaces Dr. Clarence Newsome, who parted ways with the university amidst escalating financial problems, low graduation rates, and reports of poor living conditions in dormitories.

During the announcement, Willie Gary, chairman of the board, heralded Yancy for her fundraising abilities. Over the course of two capital campaigns at Johnson C. Smith, she shattered goals and rose over $145 million.

"As they used to say when I was growing up, she brought them from the projects to the pros," Gary said.

Shaw is currently facing about $20 million in debt.