Story has been updated to include a statement from University President Mark Schlissel and University of Texas at Austin President Bill Powers.

In April 2014, Tim Slottow, who served as executive vice president and chief financial officer, left the University to become the president of University of Phoenix. Ten months later, his official replacement has been chosen.

Kevin Hegarty, the University of Texas at Austin’s current vice president and chief financial officer, will be Slottow’s successor, also replacing interim executive vice president and CFO Douglas Strong, according to a release on the UTA website. Hegarty has served as UTA’s CFO for 14 years.

“My recommendation of Mr. Hegarty follows a successful and competitive search process,” University President Mark Schlissel wrote in an e-mail to faculty and staff Monday. “I thank the members of the search committee for their thorough efforts leading to this outstanding recommendation.”

Schlissel also thanked Strong for his work as interim CFO in the e-mail, adding that the University Health System would “look forward to welcoming him back.” Strong previously served as the chief executive officer of the University of Michigan Hospitals and Health Centers, and will return to this position when Hegarty takes office.

Hegarty will leave his post at UTA on Feb. 26 and begin his position at the University on April 6. The University’s Board of Regents will vote to approve his appointment at their regularly scheduled monthly meeting this Thursday, according to their February agenda. The contract will run through 2020.

In a release, UTA President Bill Powers thanked Hegarty for his service and said the CFO would be “sorely missed.”

“Kevin’s love for the Longhorns is exceeded only by his accomplishments improving the university, making us one of the most productive and efficient campuses in the nation and leading us through very challenging budget years,” Powers wrote.

The University’s executive vice president and chief financial officer oversees areas relating to business, finance and accounting at the University. A large part of the role focuses on managing the University’s endowment, which hit a record high of $9.7 billion this past year.

Before his departure last year, Slottow had served as the University’s CFO for 12 years. He launched numerous cost-saving programs as the University faced a constrained financial climate, and oversaw the endowment when it reached what was then an all-time high: $8.4 billion for the 2013 fiscal year.

During his tenure, Slottow helped initiate measures such as strategic sourcing, a program designed to cut costs by buying supplies in bulk, and the Administrative Services Transformation Project, an initiative that centralized several department-level employees in a shared services center.

With Hegarty’s appointment, Schlissel has filled a majority of the interim posts that were unfilled at the time he assumed office in July.

In November, Schlissel announced he would appoint Marschall Runge, executive dean for the School of Medicine at the University of North Carolina, Chapel Hill, as chief executive officer for the University of Michigan Health System.

In December, Schlissel recommended the regents extend University Provost Martha Pollack’s contract by three years. The regents approved the extension in December.

Vice president for research is one of the main positions still filled by an interim. Currently, S. Jack Hu serves in this capacity; the regents approved his appointment in November 2013.

Managing News Editor Sam Gringlas contributed reporting.

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