True, but his new job won't have much to do with undergraduate degrees; the Media Lab is a research-only lab that doesn't have an undergraduate program (some of the profs do also teach in MIT's undergraduate programs, but in that capacity they'll report to someone other than Ito).
[1] http://en.wikipedia.org/wiki/Joi_Ito#Later_life
[2] http://www.leary.com/joiito/