|FOR IMMEDIATE RELEASE
Monday, August 14, 2000
Michael Reese (510) 987-9179
Patricia A. Small announced today (Aug. 14) her resignation as treasurer of the Regents of the University of California.
Small explained that, after five years as the Regents' chief investment officer and after nearly 29 years of service at the University of California, she now wishes to explore different challenges and opportunities in the evolving new economy. However, at the request of the Regents, she has agreed to continue her current duties until a new treasurer is named, but until no later than Dec. 31, 2000.
In recognition of Small's long years of service to the university, the Regents authorized a severance agreement for her, as described in the attached document.
Regents Investment Committee Chair Judith L. Hopkinson stated: "Patricia Small has ably served the University of California for three decades. Most recently, as treasurer, she has helped the Regents guide the university's investment funds to their current strong position. Building on this achievement, our recently adopted comprehensive asset allocation plan will guide our investment program going forward."
Regents Chairman S. Sue Johnson, speaking on behalf of her fellow Regents, assured university employees of a smooth transition. "Patricia Small has contributed in the last five years to a remarkable long-term record of performance for the university's investments," she said. "As we move forward, we do so from a position of strength that will help ensure the continued safety and success of these funds under a new treasurer."
Small added: "I am proud of what I have helped to accomplish over these last 29 years, including as treasurer of the Board of Regents. During this period, the university's assets have grown from less than $1 billion to $58 billion. In the last five years, assets have increased by $25 billion, and we have established a strong record of safety and performance for the university's investments. I leave with confidence that the Regents and the Treasurer's Office will continue to ensure that the pension funds and the benefits the university provides its employees, along with the university's endowment, will enjoy a strong, secure future."
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