SAN FRANCISCO - After 16 years as an investment banker with Lehman Brothers and successor Barclays Capital, Peter J. Taylor was appointed last week as chief financial officer and executive vice president of the University of California system.

Taylor, 50, assumes a new position in the system, created as part of a restructuring effort that has accelerated since Mark G. Yudof was appointed last year as president of the 10-campus higher education system.

"I am very pleased to have someone of Peter's caliber joining the UC leadership team," Yudof said in a statement. "Peter brings superb public finance and strategy expertise to UC - talents we need now more than ever given our economic environment and funding challenges - and a deep appreciation for UC's public service mission and commitment to public accountability."

The new position is based in Oakland at the University of California's office of the president.

Taylor joined Lehman in 1993, and became managing director in charge of West Coast public finance in Los Angeles in 2002, a position he kept after Barclays Capital acquired Lehman's North American investment banking and capital markets business in 2008 following the bankruptcy of Lehman Brothers Holdings, Inc.

Taylor reports to Yudof in his new position, which puts him in charge of all aspects of financial management for the system's 10 campuses, five academic medical centers, and the Lawrence Berkeley National Laboratory.

In addition to those internal responsibilities, Taylor is also responsible for external relationships with rating agencies, investment houses, banks, financial auditors and financial regulators, as well as oversight responsibility for all treasury activities.

Taylor earned a bachelor's degree from the University of California, Los Angeles.

He's also served as member and president of the UCLA Alumni Association's board of directors, as member and chairman of the UCLA Foundation board, and as alumni representative to the university system's Board of Regents.

He also served as a staffer in the state Legislature before becoming an investment banker.

"There is no finer university in the world, nor one that contributes as much to the lives of Californians and to society generally, and it is imperative that UC is financially strong in order to serve the growing needs of the state," he said in a statement.

Taylor's compensation package includes an annual base salary of $400,000. His appointment is effective April 6.

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