The University of California’s chief financial officer will resign from his post to become president of a new private foundation in Los Angeles, officials announced Tuesday.
Peter Taylor, who in the past five years has been in charge of finding savings solutions for the University as it faced less state funding, will officially leave his post April 25.
The nonprofit organization Taylor will join in May, Educational Credit Management Corporation, services and guarantees federal student loans, especially for low-income students.
A UCLA alumnus, Taylor has also served as president of the UCLA Alumni Association, where he worked to attract more donors to the university and raise money for scholarships.
As chief financial officer of the UC, Taylor manages the its bonds and finances and has recently led efforts to restructure the UC’s debt to save hundreds of millions of dollars.
“I accept Peter’s resignation with regret,” said UC President Janet Napolitano in a statement. “Under his diligent and creative direction, he produced new and ongoing operational and investment practices that so far have generated hundreds of millions in net savings for the University – and California taxpayers.”
Executive Vice President of Business Operations Nathan Brostrom will oversee the finance office after Taylor’s resignation.
The UC will conduct a review to see whether it needs to restructure its business operations and the Office of the Chief Financial Officer to avoid any redundancies the two currently share. While Brostrom has focused on the UC’s budget and capital projects and Taylor has focused on bonds and finance, their two departments still overlap in some aspects, said Dianne Klein, UC spokeswoman.
Interim Chief of Staff to the CFO Cathy O’Sullivan, the new business operations chief of staff and three campus representatives will conduct the review, which officials expect to finish by June.
The UC will not begin looking for a new chief financial officer before the review is completed, Klein said.
Compiled by Kristen Taketa, Bruin senior staff.