Paul L. Foster was elected chairman of the University of Texas Investment Management Co. board, confirmed spokesman Matt Flores.
He succeeds Erle Nye, who had been chairman since February 2009.
Mr. Foster has served on the UTIMCO board of directors since 2007 and is vice chairman of the University of Texas System Board of Regents. He chairs the finance and planning committee and is a member of the board's academic affairs and audit, compliance and management review committee.
Mr. Flores said the chairman typically serves at the pleasure of the board, but terms generally are for one year.
UTIMCO oversees the $16 billion in assets of the University of Texas System, Austin.