Erle Nye was elected chairman of the University of Texas Investment Management Co. by the board on Thursday, one week after the tumultuous resignation of Robert B. Rowling.
Mr. Rowling and the board were criticized by Gov. Rick Perry and state lawmakers last week for approving $3.38 million in 2008 staff bonuses, $1.05 million of which went to CEO Bruce Zimmerman.
Mr. Rowling announced his resignation during a hearing of the state Senate Finance Committee last week where lawmakers criticized the decision to award bonuses in a year when the value of the funds it oversees dropped by 27% to $13.8 billion.
Mr. Nye has been on the board since March 2005 and recently completed a 12-year stint on the Texas University System board of regents.
J. Philip Ferguson and Ardon E. Moore also were reappointed to the UTIMCO board of directors. Mr. Ferguson is vice chairman of the board and Mr. Moore is a member of the compensation and policy committees.
UTIMCO oversees the states $8.8 billion Permanent University Fund, $800 million Permanent Health Fund, $4.1 billion Long Term Fund and $100 million in separately invested funds.