Just a few days after leaving the top job at Texas’ university investment organization, Britt Harris was named Wednesday as the acting CEO of the Texas Permanent School Fund Corp., replacing Holland Timmins, who retired earlier this year.
Harris will serve as a fill-in while the Texas PSF, where Timmins was CEO and CIO for more than two decades, conducts a nationwide search for a permanent replacement. Harris is not under consideration to be the permanent replacement, according to the PSF.
The PSF, with assets of $51.3 billion as of August 2022, supports public schools in the Lone Star State and has been around since the state’s early days: It was mandated in the state’s initial constitution in 1845, seeded with $2 million in 1854 as the Special School Fund, and established in its current form in the 1876 constitution.
There have, however, been recent changes to the fund’s governance, most notably the 2021 establishment of the PSF Management Corp., which placed management of the fund under the oversight of Texas’ State Board of Education, rather than reporting directly to the Texas Education Agency.
“Industry leaders acknowledge that Harris has a stunning record as a transformational leader, in both the industry and across many different companies and types of funds,” said Texas PSF Board Chairman Tom Maynard in a news release.
Board member Dawn Buckingham noted in the release that Harris’ “exceptional knowledge and experience will allow Texas PSF to continue serving the school children of Texas for generations to come as we search for a permanent CEO.”
Harris has had a long career atop key state organizations, following many years in finance. Most recently, he was president and CEO of the University of Texas/Texas A&M Investment Management Co. Over six years as head of the endowment ($68 billion), he increased UTIMCO’s assets by 65%.
Prior to joining UTIMCO in 2017, Harris spent 10 years as CIO at the Teacher Retirement System of Texas ($155 billion). In 2013, CIO magazine gave him a Lifetime Achievement Award. During his 43-year career, Harris held various executive roles in finance, including at Bridgewater Associates and the Verizon Investment Management Corp.
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Tags: Britt Harris, Holland Timmins, Teacher Retirement System of Texas, Texas Permanent School Fund, University of Texas/Texas A&M Investment Management