Ex-Lehman Muni Chief Taylor Leaves UC to Lead Foundation

Peter J. Taylor, the former head of public finance for Lehman Brothers Holdings Inc. who has been the chief financial officer of the University of California system since 2009, is stepping down to lead an educational foundation.

Taylor was paid $400,000 a year to manage the $24 billion annual budget of the 238,000-student system, which includes 10 campuses and five hospitals. The system had $14.5 billion in outstanding debt as of Dec. 31, according to its website.

Taylor will leave April 25 to lead a new Los Angeles-based foundation “focused on improving educational outcomes, particularly among underserved populations,” UC President Janet Napolitano said yesterday in a statement. She didn’t name the foundation.

Steve Montiel, a spokesman for the UC system, said Taylor was traveling and wasn’t available for comment.

“Under his diligent and creative direction, he produced new and ongoing operational and investment practices that so far have generated hundreds of millions in net savings for the University -– and California taxpayers,” Napolitano said. “He will be missed.”

Taylor joined the Oakland-based university system in April 2009 after seven months as a managing director at Barclays Capital in Los Angeles and a career at Lehman Brothers. Barclays Plc took over New York-based Lehman’s municipal bond business after Lehman filed the biggest bankruptcy in U.S. history in 2008.

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