University of Virginia CFO resigns
- August 7, 2012
University of Virginia’s chief operating officer, Michael Strine, has resigned after a little more than a year on the job.
The resignation comes less than two months after an effort by members of the university’s board of visitors to oust U.Va. President Teresa A. Sullivan threw the campus into turmoil. Sullivan was reinstated in late June.
Strine became executive vice president and CFO chief operating officer on July 1, 2011.
Emails obtained by university’s student newspaper, The Cavalier Daily, showed board members regularly requested information from Strine and other U.Va. administrators without consulting Sullivan.
Sullivan announced Strine’s departure in a statement released to the public on Tuesday.
“Michael recently determined that it would be in the best interest of the University that he step down and allow me to do some necessary internal restructuring. As Michael expressed to me: ‘In all my work here, I focused on working with our leadership across the University to help serve students, patients, faculty and communities across the Commonwealth. Though it is hard to step aside, I am confident that this step helps the University and those it serves by allowing this Board and President the opportunity to pursue changes aimed at ensuring communication, accountability and shared governance.’”
Sullivan noted that the university has a strong financial standing and maintains a Triple-A bond rating from the three major rating agencies.
“We also have extraordinary depth in all of our financial offices,” she said in the statement. “I feel confident that we will not skip a beat while we begin a national search for a new financial leader.”
Strine is the former vice president for finance, chief financial officer and treasurer for The Johns Hopkins University. He succeeded Leonard W. Sandridge, who stepped down after 44 years at U.Va.