Larry Hershman, the longtime director of the University of California budget, steps down today (May 31) as vice president for budget but will stay on during a two-month transitional period as a part-time adviser on budget matters.

Hershman has served the University of California for 39 years, starting at UC San Francisco in 1968 as budget officer and assistant vice chancellor. He came to the Office of the President in 1974 as director of health sciences budget and planning, became director of the budget in 1978, and has been responsible for the university’s systemwide budget ever since.

“Larry has been responsible for the University of California budget for nearly 30 years, and he has made an enormous contribution to the growth and strength of the UC system as we know it today,” said UC President Robert C. Dynes. “He has played a crucial role in securing the resources that have been needed to build the academic quality of the institution, ensure access for dramatically increasing numbers of students, and construct the facilities to accommodate this growth. For his many contributions and for his enormous enthusiasm and devotion, he has our immeasurable gratitude.

“I also am very pleased that Larry has agreed, at my request, to continue advising us on budget matters for the next two months, allowing him to complete work on the 2007-08 state budget. Given the complexity of the budget and the importance of a smooth transition, his assistance during this period will be enormously helpful.”

On an interim basis, pending a previously announced organizational review and the continuing recruitment of a chief financial officer for the university, responsibility for the budget will be transferred to Executive Vice President Katie Lapp. Hershman will be retained on a part-time basis as special consultant for budget matters in order to assist with the transition and complete the 2007-08 budget process.

“It has been a privilege and an honor,” Hershman said, “to serve the people of California through the University of California – an institution that has been close to my heart for four decades.”

Hershman’s compensation as special consultant was approved by the Board of Regents at its May meeting. He will serve in the consulting role at 43 percent time and will receive a monthly salary of $12,500, beginning June 4 and ending July 31, 2007. He will receive retirement income and retiree health benefits and will be reimbursed for business-related travel expenses.

# # #