Timothy Slottow has been recommended for appointment as executive vice president and chief financial officer of U-M by President Mary Sue Coleman.<br />The appointment, announced May 22, would be for three years effective June 1, pending approval by the Board of Regents. Slottow has served as interim chief financial officer since May 1, 2002.<br /><br />"I am delighted to welcome Tim to the executive officer team," Coleman said. "I have been very impressed with his ability to keep major University projects moving forward in a very positive direction while serving as interim chief financial officer, and he has demonstrated great skill and depth in comprehensive financial oversight of the institution."<br /><br />Coleman said Slottow has a strong appreciation for the resources needed to maintain Michigan's academic excellence, the necessity for key strategic capital investments, and a demonstrated ability to work extremely effectively with the provost and executive vice president for medical affairs to ensure Michigan's financial strength in the future. Slottow has led numerous cost-saving initiatives at U-M, including the Purchasing Department's negotiation of prime vendor contracts, resulting in savings of 15 percent on purchases of office supplies campus-wide, and the refinancing of more than $250 million of debt this past year that will save the University more than $12 million in debt service costs, $600,000 per year alone to the general fund through 2013. The chief financial officer's unit, which has some 2,700 staff members, has cut more than $1 million in recent months through increased productivity and work redesign.<br /><br />Prior to the interim appointment, Slottow served as associate vice president for finance for four years with oversight responsibility for financial management, planning and control of the schools, colleges and U-M Health System. In that position, he reduced the University's receivables by more than $70 million through more aggressive billing, collection, and working capital policies and practices. He also replaced all major financial systems.<br /><br />"I am honored to be able to serve such a magnificent University in this important capacity. It is especially gratifying to take on this role knowing first-hand the skill, professionalism and love for the University held by the staff in the CFO's organization," Slottow said. Areas that report to the CFO include Facilities and Operations, Finance, the Investment Office, Human Resources and Affirmative Action, and Michigan Administrative Information Services.<br /><br />Slottow holds a B.A. from the University of California, Berkeley, and an M.B.A. from the University of Washington. He came to the University after serving as assistant vice president of finance for Amtrak, where he supervised a $2.2 billion annual operating budget and $6 billion capital fund. 