The upheaval at the University of Hawaii, originating with the loss of $200,000 in a concert promoter’s swindle, has been so disturbing that the notion of sweeping away the current leadership and starting over seems tempting.

But that may not be in the best interest of the university. The UH Board of Regents, set to meet today with the future of UH President M.R.C. Greenwood on the agenda, owes the taxpayers a rigorous but dispassionate review of her performance rather than a precipitous decision aimed at calming the waters.

The challenge confronting the board in weighing its options is considerable, with the public increasingly alarmed about the situation after two illuminating Senate informational hearings.

Greenwood did not then defend her management of the crisis very well, assuming a defensive posture that at times left the impression of administrative arrogance.

The regents haven’t covered themselves with glory either, conducting their initial inquiries behind closed doors, emerging with nothing but a laughable all-clear signal.

But it seems doubtful that the public interest will be served by a reactive decision. The regents today need to take a hard look at the entire record of Greenwood’s performance, rather than just this episode.

Given what’s been revealed so far, there seems to be little basis for a cancellation of her contract, which still has almost two years left. That would subject the university to more upheaval and much more unproductive expense, with the contract being bought out and search committees summoned for her replacement.

Based on some anecdotal evidence, she has been successful in some of her deliverables, including boosting enrollment and attracting more research grants for the system and its flagship Manoa campus.

For example, a draft of the accreditation report from the Western Association of Schools and Colleges notes the research and enrollment gains and also "commends the University of Hawaii for the improvements it has made in the retention and graduation rates of its undergraduate students."

WASC was especially complimentary about the progress being made by Native Hawaiian baccalaureate students.

Still, the bar for the president needs to be raised. The regents must set clear deadlines for restructuring UH fiscal procedures, with the goal of preventing such mismanagement from occurring again. Greenwood also must regain the backing of more of the UH faculty as well as the regents’ faction that now stands against her.

The UH Faculty Senate has on its Oct. 17 meeting agenda a motion to take a no-confidence vote against Greenwood.

UH-Manoa Chancellor Tom Apple is also scheduled to speak before faculty following that meeting.

Clearly, there’s a lot of damage to repair before the administration can get back on firm footing and resume normal functioning.

The entire debacle started in July, when a scheduled Stevie Wonder fundraiser concert was found to be a hoax and the $200,000 deposit a loss. But this mess got commingled with internal discord over the performance of then-Athletic Director Jim Donovan. Fueled by some micromanaging and outright interference by lawmakers and even Gov. Neil Abercrombie, the standoff culminated in an unfortunate decision to move Donovan into a new, high-priced job rather than let him serve out his contract.

There’s enough blame on all sides to suggest the right solution here is not a hasty dismissal of Greenwood. To apply the collegiate metaphor, the president has flunked this test, but her ultimate success — contract renewal to keep her job — should be based on her ability to recover from this failure.

She’ll need to show a more collaborative approach to leadership, and more humility, than Hawaii has seen to date.