Endowment Chief for UT, A&M Systems to Be Paid at Least $2M in First Year

The University of Texas Investment Management Co. will pay its new Chief Executive Officer Thomas Britton "Britt" Harris at least $2 million in his first year.Harris, 59, will receive a base salary of $750,000, a minimum bonus of the same amount and a $550,000 signing bonus, according to the employment agreement dated June 15 and provided to Bloomberg on Tuesday. Harris, who starts Aug. 1, said in an email that the compensation package is a "market rate for similarly sized university endowments."Utimco, as the organization overseeing $40 billion for two Texas state university systems is known, announced on June 16 that it hired Harris, who was the chief investment officer at the Teacher Retirement System of Texas for the past 10 years.Harris's annual salary at Texas Teachers was $551,250 as of Sept. 1, according to a document from the pension plan. His bonuses in the fiscal years 2009 to 2015 totaled $2.2 million combined, according to the Austin-American Statesman newspaper.Harris replaces Bruce Zimmerman, the CEO who stepped down in October after nine years. Zimmerman had a compensation package of $4.1 million in 2014, according to a Utimco tax filing. That included a base salary of $659,862, a $1.8 million bonus and deferred compensation of $1.6 million, according to the filing.Prior to Texas Teachers, Harris managed the pension fund at Verizon Communications Inc. and spent six months as CEO at Bridgewater Associates.  Continue reading...

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