Peter Taylor, the UC system’s chief financial officer, will resign from his post to become president of a Los Angeles-based private foundation, UC President Janet Napolitano announced Tuesday.
Taylor will leave his position effective April 25, after five years with the university. According to the Los Angeles Times, Taylor will become president of a $150 million foundation funded by the Educational Credit Management Corporation, which services and guarantees student loans for the federal government.
“The area of (educational) persistence for low-income students has been the focus of my personal philanthropy and volunteer engagement for decades,” Taylor told the Times. “Now, this is an opportunity to really focus the rest of my professional career on something that is a good alignment with my personal goals.”
As CFO for the UC system, Taylor introduced “new and ongoing operational and investment practices that so far have generated hundreds of millions in net savings for the University,” Napolitano said in a statement.
Prior to working at the university, Taylor was a managing director at Barclays Capital, where he worked in the firm’s fixed-income division. Taylor has served on various boards in his community, including the California Performance Review Commission, the California Student Aid Commission and the UCLA Foundation — where he served as the chair of the board of directors. Additionally, he is a member of the J. Paul Getty Trust and the chair of the board of directors of the James Irvine Foundation.
Taylor obtained his undergraduate degree from UCLA and his master’s degree in public policy analysis from Claremont Graduate University. He also fulfilled a one-year graduate level fellowship with the Coro Foundation.
Until a new CFO is selected, Nathan Brostrom, UC executive vice president of business operations, will temporarily direct the finance division. In the statement, Napolitano said the university will also undertake a full review of Business Operations and the Office of the Chief Financial Officer. This process will be led by Cathy O’Sullivan, the new Business Operations chief of staff and Meredyth Lacy of the Napolitano aims to have the review completed by June 30.