Patricia A. Small, the treasurer of the University of California system, resigned Monday after a disagreement with the board of regents over the management of the system’s $52.9 billion endowment.
Small will step down no later than Dec. 31, although an interim treasurer is likely to take her place sooner.
The regents clashed with Small after they became concerned that she was concentrating too big a portion of the university’s investments in high-risk stocks. Small bridled at being second-guessed.
Under the severance package approved Monday, Small will continue to receive her $273,600 salary through June 2002, with 3.5% annual raises. The university also kicked in $35,000 for career counseling and outplacement services, and added $155,791 to sweeten the pot.
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