Nye to Lead University Investment Company

AUSTIN (AP) _ The University of Texas Investment Management Company board of directors has elected Erle Nye of Dallas as chairman.

He replaces former UT System regent Robert Rowling, who abruptly resigned last week in the middle of a Senate Finance Committee hearing in which UTIMCO bonuses were questioned.

The UTIMCO board elected Nye chairman yesterday. Nye just completed 12 years of service on the Texas A&M University System Board of Regents.

He was appointed to the UTIMCO board in March 2005. He serves as the chairman of the UTIMCO Audit and Ethics Committee.

Also on yesterday, the UT System regents reappointed J. Philip Ferguson of Houston and Ardon E. Moore of Fort Worth to the UTIMCO board. UTIMCO oversees investments that support the UT and Texas A&M university systems.