on Wednesday, October 16, 2013
The University of Texas Investment Management Corporation (UTIMCO) has named Morris Foster as chairman of the Board of Directors. Foster, a regent of The Texas A&M University System, will serve a one-year term as chairman, but is on the board through 2015 as one of two A&M representatives.
“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.
“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 UT System Chancellor Francisco G. 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.”
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.
“Because of his significant management background and his leadership of one of the largest energy companies, Morris Foster is uniquely positioned to lend his expertise for the benefit of the two university systems,” said Paul Foster, the previous UTIMCO chairman who is currently the chairman of the UT System Board of Regents.
UTIMCO is governed by a nine-member board of directors, consisting of three members of the UT System Board of Regents, two members representing the A&M System, the UT System Chancellor and three independent directors with substantial investment experience.
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 to invest assets. UTIMCO oversees investments of the Permanent University Fund, the Permanent Health Fund, Long Term Fund, Intermediate Term fund and other assets.