University of California President Janet Napolitano sent the following letter to the UC community on Tuesday, March 25, 2014, regarding the departure of UCOP Chief Financial Officer Peter Taylor.

Dear Colleagues:

Chief Financial Officer Peter Taylor has informed me he will be leaving the University of California, effective April 25, to take a position as president of a newly formed private foundation, based in Los Angeles. The foundation will be focused on improving educational outcomes, particularly among underserved populations.

I accept Peter’s resignation with regret. He has been a valued member of the UCOP team for five years. 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. He will be missed, and I wish Peter and his family all the best.

With this departure, the Finance Division will be placed temporarily under the direction of Executive Vice President Nathan Brostrom. During this period, we will undertake a full review of Business Operations and the Office of the Chief Financial Officer to determine the best structure for both divisions to ensure maximum effectiveness, efficiency, and support for the goals of the Office of the President.

This review process will be led by Cathy O’Sullivan and the new Business Operations chief of staff, and, to ensure appropriate campus input, will include three campus representatives. They will be joined by Meredyth Lacy of the President’s Executive Office. Our goal is to have this review completed by June 30.

In the meantime, please join me in wishing Peter well as he begins this new chapter in his life. He assures me, however, that he will always be available to assist the University of California.

Yours very truly,

Janet Napolitano
President