From The Daily Texan:
A heated debate at the Senate Finance Committee meeting today led to the resignation of the chairman of the University of Texas Investment Management Company Board.
The senate committee grilled Chairman Robert Rowling and CEO of UTIMCO Bruce Zimmerman over the $3 million in bonuses paid to the staff, included a $ 1 million bonus for Zimmerman.
The comments and questions by the senators became so heated that Rowling declared his immediate resignation.
“I resign,” Rowling said heatedly, “You can have my job.”
UTIMCO is the first external investment corporation formed by a public university system and oversees investments for UT and Texas A&M Systems.
The controversy concerned a UTMICO CEO Zimmerman’s $1.05 million bonus on top of his $575,000 base salary.
The senators seemed confused by UTIMCO’s decision in the face of a recession and budget deficit…
February 6th, 2009 at 10:23AM
So he has more integrity than the baseball coach?
February 6th, 2009 at 8:23PM
You should check out the Friday, Feb. 6 edition of the San Antonio Express News, for a story on the payment of over 2.5 million dollars in performance bonuses for the management of the UT system endowments, which lost over 2.3 billion! Yeah, Texas does it better!