UCLA CFO Steve Agostini Dismissed Amid Financial Controversy

On February 19, 2024, the University of California, Los Angeles (UCLA) announced the immediate dismissal of its Chief Financial Officer (CFO), Steve Agostini, following allegations of financial mismanagement. This decision was confirmed by UCLA Chancellor Julio Frenk, who communicated the change to the university community on February 17. Agostini had been serving in this role since May 2024.

In his message, Chancellor Frenk stated, “I write to share that Steve Agostini will no longer serve in his role, effective immediately.” To maintain stability in the institution’s financial leadership, Reem Hanna-Harwell, senior associate dean for finance and administration in the UCLA College, has been appointed as interim vice chancellor and chief financial officer. Frenk praised Hanna-Harwell for her extensive institutional knowledge and collaborative experience, which will be essential during this transition.

The Office of the Vice Chancellor and Chief Financial Officer is crucial for managing UCLA’s financial resources, which support the university’s academic, research, and public service missions. A national search for a permanent CFO will commence in the coming months, with further details to be shared later.

Reports from multiple media outlets indicated that Agostini was linked to a significant financial shortfall, with estimates suggesting a deficit of approximately $425 million. In response to these claims, Mary Osako, UCLA’s Vice Chancellor, clarified in an interview with The Daily Bruin that the reported figure was “inaccurate” and did not accurately reflect the university’s projected structural deficit.

“Based on approved expenditures, UCLA’s projected deficit is substantially lower than the amount referenced publicly,” Osako explained. “Like many universities, UCLA faces ongoing budget pressures and is actively managing financial challenges. The university is exploring and developing new revenue opportunities, strengthening partnerships, and advancing innovative funding models to support its core mission.”

At this time, there are no indications that formal charges have been filed against Agostini or that legal repercussions are forthcoming. The situation remains under review as UCLA begins to navigate this leadership change.

As the university moves forward, stakeholders are particularly focused on how this transition will impact its financial strategies and overall mission. The academic community awaits further updates regarding the search for a permanent CFO and the measures that will be taken to address the financial issues at hand.