Russell Gould takes over as chair of the University of California Board of Regents today (July 1) in the midst of one of the deepest budget deficits that California and UC have ever faced.

The Regents elected Gould on May 7 to succeed Richard Blum for a one-year term as chair. Gov. Arnold Schwarzenegger appointed Gould to a 12-year term on the board in 2005. He formerly served as vice chair and chair of the Committee on Finance. He is an alumnus of UC Berkeley.

"These are, of course, challenging times for the university," Gould said. "In the coming months, the Regents will face very difficult decisions that will affect every member of the UC community. But, we have fantastic faculty, staff and students who are our best resource for actually creating solutions to the challenges we face in so many areas. With perseverance and ingenuity, qualities that are so reflective of California, I'm optimistic UC will emerge a stronger and more resilient institution. Our highest priority is to preserve the superior quality of our academic and research programs."

Faced with a two-year state budget cut of $813 million, UC is instituting a range of cost-efficiency measures and cuts to programs and services. At their July 14-16 meeting at UC San Francisco, the first Gould will lead as chair, the Regents will consider a recommendation from UC President Mark Yudof for employee furloughs and/or pay cuts. The adoption of an employee compensation reduction proposal plus already enacted student fee increases will cut the budget shortfall almost in half. The rest of the shortfall will be addressed with program cuts.

"Chairman Gould's deep background and expertise in finance provides the university with a tremendous resource, not only to guide the board in its challenging decision making but to work closely with the administration to position us strategically for continued success," Yudof said. "I look forward to working with him as chair."

Gould brings an extensive background in finance and public service to the Board of Regents. He is senior vice president of Wachovia Bank, which merged with Wells Fargo Bank in 2008. From 1993 to 1996, Gould headed the California Department of Finance under then-Gov. Pete Wilson. There, he was responsible for preparing and managing the state budget. Previously he served as chief deputy director in the state finance department and as assistant state treasurer. Gould’s tenure in the department coincided with the recession years 1990-94, during which time he addressed many of the same issues plaguing the state today.

"It has been an honor and privilege to serve this institution as a Regent, and I have accepted the position of chair with a profound sense of respect," Gould said. "As a graduate of the University of California, I hold the system close to my heart. Particularly in these uncertain financial times, I look forward to working with President Yudof and my colleagues on the board to navigate the challenges of the coming months and sustain the University of California as the premier institution of public-higher education in the nation."