Oct. 10, 2013
AUSTIN, Texas — The University of Texas Investment Management Corporation (UTIMCO) today appointed Morris Foster chairman of the Board of Directors. Foster, a member of The Texas A&M University System Board of Regents, serves on the UTIMCO board through April 2015 as one of two A&M System representatives; former A&M System Regent James P. Wilson serves as the second representative.
“Regent Foster’s unique background in industry and his history of leadership as a member and former chairman of the A&M System Board of Regents make him an excellent choice to lead UTIMCO in their oversight of investments for the state’s largest public university systems,” said John Sharp, chancellor of the A&M System.
Foster was appointed to the A&M System Board of Regents in 2007, and was reappointed in 2013. He is the former president of ExxonMobil Production Company, a position he took after serving as president of Exxon Upstream Development Company, and later following the merger of Exxon and Mobil, president of ExxonMobil Development Company. He currently serves as chairman of Stagecoach/Milcreek Resort.
UTIMCO is governed by a nine-member board of directors, consisting of three members of the UT System Board of Regents, two members of the A&M System Board of Regents, chancellor of the UT System and three independent directors with substantial investment experience. Additional board members include: Ardon E. Moore, president and CEO of Lee M. Bass, Inc; Francisco G. Cigarroa, chancellor of the UT System; Kyle Bass, managing member and principal of Hayman Capital Management, L.P.; Alex M. Cranberg, member of the UT System Board of Regents, R. Steven Hicks, vice chairman of the UT System Board of Regents, Jeffery Hildebrand, member of the UT System Board of Regents; and Charles W. Tate, chairman and founding partner of Capital Royalty L.P.
“As a long-serving regent in the Texas A&M System and successful business leader of one of the world’s largest industries, Morris Foster is perfectly poised to lead UTIMCO,” said Cigarroa. “He has significant knowledge of investment and management strategies, and we are honored that someone with his fiduciary and governance expertise will be at the helm of one of the nation’s most important funds to benefit two extraordinary public university systems—The University of Texas and Texas A&M.”
UTIMCO is the first external investment corporation formed by a public university system and oversees investments for The University of Texas and the Texas A&M Systems. The nonprofit corporation is modeled after investment management companies formed by universities such as Harvard, Princeton, Stanford and Duke Universities to invest assets. UTIMCO oversees investments of the Permanent University Fund, the Permanent Health Fund, Long Term Fund, Intermediate Term fund and other assets.
About the A&M System
The A&M System is one of the largest systems of higher education in the nation, with a budget of $3.8 billion. Through a statewide network of 11 universities, seven state agencies, two service units and a comprehensive health science center, the A&M System educates more than 125,000 students and makes more than 22 million additional educational contacts through service and outreach programs each year. Externally funded research expenditures exceed $780 million and help drive the state’s economy.
Contact: Steven B. Moore