WESTWOOD—On February 19, according to news reports the UCLA Chief Financial Officer (CFO) Steve Agostini, was fired from the university for a reported mismanagement of funds.
“I write to share that Steve Agostini, who has served as vice chancellor and chief financial officer since May 2024, will no longer serve in his role, effective immediately.
To ensure continuity and stability in our financial leadership, Reem Hanna-Harwell, senior associate dean for finance and administration in the UCLA College, will serve as interim vice chancellor and chief financial officer. She brings deep institutional knowledge, a proven ethos of collaboration and strong financial leadership experience to this role. We are grateful for her leadership as she steps forward during this transition.
The Office of the Vice Chancellor and Chief Financial Officer play a vital role in stewarding UCLA’s financial resources and supporting our academic, research and public service mission. A national search for a permanent vice chancellor and chief financial officer will begin in the coming months, and additional information about the process will be shared in the future,” said UCLA Chancellor Julio Frenk on February 17.
News outlets reported that Agostini was responsible for a purported $425 million deficit. UCLA’s Vice Chancellor, Mary Osako told The Daily Bruin, that estimate was “inaccurate,” and did not reflect the university’s “projected structural deficit.”
“Based on approved expenditures, UCLA’s projected deficit is substantially lower than the amount referenced publicly. Like many universities, UCLA faces ongoing budget pressures and is actively managing financial challenges.
The university is actively exploring and developing new revenue opportunities, strengthening partnerships, and advancing innovative funding models to support its core mission,” Osako stated.
No additional information related to the case has been disclosed to the public.
