Bruce Zimmerman resigned as CEO and chief investment officer of University of Texas Investment Management Co., where he has overseen investment of the endowments of the University of Texas and Texas A&M University systems since 2007. His resignation is immediate.
During his tenure, the endowments and operating funds of the University of Texas and Texas A&M systems grew by more than $4.25 billion to about $37 billion, a statement from the University of Texas System said Monday.
UTIMCO's board, which meets Thursday, will “act immediately” to appoint an interim CEO and CIO and will undertake a national search for Mr. Zimmerman's replacement, according to the statement.
Mr. Zimmerman said in an interview that after some internal restructuring at UTIMCO over the past six months and having passed the universities' Aug. 31 fiscal year-end, “it seemed like good timing” to tender his resignation and to decide what to do next.
Although he has yet to set his plans, Mr. Zimmerman said retirement is not an option because “that's not how I'm wired and my wife won't let me.”
“UTIMCO plays a crucial role in supporting everything we do at University of Texas System and Bruce has done a masterful job in maximizing those resources,” said Jeffery Hildebrand, UTIMCO's chairman and vice chairman of UT's board of regents, in the statement.
“Bruce built an organization and a business model that truly reflects … a team of teams approach, capitalizing on the creativity and intellect of many external partners and internal colleagues,” Mr. Hildebrand added.
The two endowment pools managed by UTIMCO — the Permanent University Fund and Long Term Fund — have combined assets of $24.8 billion.