AUSTIN – The University of Texas Investment Management Co. (UTIMCO) Board of Directors today (April 15) elected Paul L. Foster of El Paso as its chairman. The appointment is effective immediately. Foster succeeds UTIMCO Board member Erle Nye of Dallas, who has served as chairman since February 2009.
Foster is vice chairman of The University of Texas System Board of Regents and has served on the UTIMCO Board of Directors since 2007. He currently chairs the UT System Board of Regents’ Finance and Planning Committee and is a member of the Academic Affairs Committee as well as the Audit, Compliance and Management Review Committee.
“The UTIMCO Board of Directors is extremely fortunate to have the expertise and business acumen of Paul Foster in this important leadership position and I am confident this organization will continue to provide outstanding investment services for the people of Texas,” UTIMCO CEO Bruce Zimmerman said. “Erle Nye has successfully guided the Board’s activity during very challenging economic times and we are extremely grateful for his guidance and steady direction.”
Foster is executive chairman of Western Refining Company. He serves on many boards, including the El Paso Chapter of the American Red Cross, the Texas Economic Development Corporation, the Hankamer School of Business Advisory Board at Baylor University, and the Executive Committee of the Paso del Norte organization. Foster also serves on the board of the Bank of the West in El Paso. He is a former member of the Texas Higher Education Coordinating Board.
Foster received an accounting degree from Baylor University and received certification by the Arizona State Board of Accountancy.
UTIMCO is a 501(c)(3) investment management corporation whose sole purpose is the management of investment assets under the fiduciary care of the Board of Regents of The University of Texas System. Created in March 1996, UTIMCO is the first external investment corporation formed by a public university system in the nation. It invests endowment and operating funds in excess of $16 billion. UTIMCO is governed by a nine-member Board of Directors. The UTIMCO Board of Directors includes three members of The University of Texas System Board of Regents, one member selected from a list provided by The Texas A&M University System Board of Regents, the Chancellor of The University of Texas System, and four outside investment professionals appointed by the UT System Board of Regents.
Serving the educational and health care needs of Texans for more than 125 years, The University of Texas System is one of the nation’s largest higher education systems, with nine academic campuses and six health institutions. The UT System has an annual operating budget of $11.9 billion (FY 2010) including $2.5 billion in sponsored programs funded by federal, state, local and private sources. Preliminary student enrollment exceeded 202,000 in the 2009 academic year. The UT System confers more than one-third of the state's undergraduate degrees and educates nearly three-fourths of the state's health care professionals annually. With more than 84,000 employees, the UT System is one of the largest employers in the state.