The establishment of the position of executive vice president and chief financial officer is part of a recent leadership restructuring of the systemwide Office of the President by the Regents designed to strengthen management and administrative practices. Other positions established in the leadership restructuring effort included an executive vice president for business operations and a chief compliance and audit officer.
Since 1993, Taylor, 50, has held a number of senior positions in investment banking, most recently at Barclays Capital, where he served as managing director of public finance. In this capacity he has been responsible for all West Coast infrastructure financing operations, including the oversight of 15 investment bankers. Prior to Barclays Capital, Taylor served in senior positions in other large, complex organizations including with GTE California in the telecommunications business. His professional experience encompasses governmental work and over six years in the California Legislature including as chief of staff to Mike Roos, majority leader for the state Assembly. Taylor also has previous personal experience with UC, as a graduate and active alumnus of UCLA and as a former alumni representative on the UC Board of Regents.
"I am very pleased to have someone of Peter's caliber joining the UC leadership team," said Yudof. "Peter brings superb public finance and strategy expertise to UC -- talents we need now more than ever given our economic environment and funding challenges -- and a deep appreciation for UC's public service mission and commitment to public accountability."
Reporting to Yudof, the executive vice president and chief financial officer will be responsible for overseeing all aspects of financial management at the 10 campuses, five academic medical centers and the Lawrence Berkeley National Laboratory managed for the Department of Energy by the UC Office of the President. Responsibilities include the establishment and implementation of systemwide financial and financing strategies, long range planning, financial reporting systems, balance sheet management, accounting and financial control, risk management, internal and external financial reporting, tax compliance, and systemwide payroll coordination. The position is also responsible for external relationships with rating agencies, investment houses, banks, financial auditors and financial regulators, as well as oversight responsibility for all treasury activities.
"I am deeply honored by this appointment and the opportunity to serve UC and the people of California in this capacity," said Taylor. "There is no finer university in the world, nor one that contributes as much to the lives of Californians and to society generally, and it is imperative that UC is financially strong in order to serve the growing needs of the state."
Taylor currently serves on the Board of Directors of the J. Paul Getty Trust as a member of the audit, finance and investment committees; on the James Irvine Foundation Board of Directors, where he is vice chair; and on the UCLA Foundation Board of Directors (through June 2009). Previous board and commission service includes Gov. Arnold Schwarzenegger's 2004 California Performance Review Commission, the California Student Aid Commission (2000-2002) and the UC Board of Regents (alumni representative 1998-2000).
As executive vice president-chief financial officer, Taylor will receive an annual base salary of $400,000 and the following compensation-related items per university policy: reimbursement of temporary living expenses not to exceed $15,000 over a period of three months; two round-trip coach class airfare trips plus reasonable accommodation expenses to assist with house-hunting; reimbursement of relocation expenses; a relocation allowance of 16 percent ($64,000) of base salary, subject to a repayment schedule if Mr. Taylor elects to have the payment made in a lump sum and resigns in the first four years of appointment; eligibility to participate in the university's Mortgage Origination Program; an annual automobile allowance in the amount of $8,916; standard pension and health and welfare benefits and standard senior management benefits (including senior management life insurance, executive business travel insurance and executive salary continuation for disability); a 5 percent monthly contribution to the Senior Management Supplemental Benefit Program; and use of administrative funds for official entertainment and other purposes permitted by UC policy.
Taylor holds an undergraduate degree from UCLA and a master's degree from Claremont Graduate University.
A copy of Taylor's resume is available at: www.universityofcalifornia.edu/news/taylor_resume.pdf
The University of California, recognized worldwide for its academic distinction, includes more than 220,000 students, 180,000 faculty and staff, and a $19 billion annual budget at its 10 campuses at Berkeley, Davis, Irvine, Los Angeles, Merced, Riverside, San Diego, San Francisco, Santa Barbara and Santa Cruz. UC's five medical centers support the clinical teaching programs of the university's medical and health sciences schools and handle more than three million patient visits each year. The university offers programs in more than 150 disciplines, many of which are ranked among the top 10 nationally, and for the last 14 years has generated more patents than any other university in the nation. In addition to managing the Lawrence Berkeley National Laboratory for the U.S. Department of Energy (DOE) Office of Science, the UC system is also involved in managing DOE national laboratories at Livermore and Los Alamos, N.M. For more information on the University of California, visit: www.universityofcalifornia.edu