U California CFO Departs for LA Foundation

Peter Taylor has resigned from the university to lead a new private foundation.

(March 25, 2014) – The University of California’s CFO has stepped down to become president of a new foundation in Los Angeles, according to the school’s president.

Peter Taylor’s resignation from the Oakland-based institution is effective April 25. 

In his next role, Taylor is set to lead a private charity focused on boosting education outcomes, particularly for underprivileged students.

“I accept Peter’s resignation with regret,” President Janet Napolitano said. “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.” 

Nathan Brostrom, the university’s executive vice president for business operations, will serve as the finance division’s interim.

The CFO role may not exist in its current form after Taylor’s departure, according to Napolitano.

A full review of the chief financial office and business operations unit’s organization has been scheduled to “determine the best structure for both divisions to ensure maximum effectiveness, efficiency, and support for the goals of the office of the president,” Napolitano said.

Taylor was paid $472,916 annually in salary, benefits, and allowances for recreation and an automobile, according to university documents.   

The CFO role is the third major asset management position to turnover at the University of California in the last nine months.

Former CIO Marie Berggen retired in July 2013. Her head of real assets, Brian Johnson, departed for the University of Southern California’s endowment in late February, 2014. 

On April 1, Alberta Investment Management Corporation alumnus Jagdeep Bachher is set to take over the university’s $80 billion pool of assets as CIO. 

Related Content: Real Asset Director Leaves UC Regents for LA Endowment