The same thing happened at a UK institution last year.

Exactly the same thing happened at the UK's University of East Anglia. They launched an expensive rebranding campaign last summer (during a recession - great idea guys), in which the logo morphed from the tried and tested 60s one, to a new "corporate identity" which was designed to appeal to international students who to UEA - as with most UK universities - are walking blank checques...

OLD LOGO

http://www.jpaget.nhs.uk/documents/paeds/images/.resized_300x254_UEA%20logo.GIF

NEW £40,000 LOGO

http://knowledge-controversies.ouce.ox.ac.uk/i/logo-uea.png