Two days after the University's top attorney announced her plans to leave, its former top banker followed suit.
Farris Womack, former executive vice president and chief financial officer, announced yesterday that he will not return to teach at the School of Education as originally intended.
His retirement nullifies a compensation deal he made with former University President James Duderstadt, which included returning to the faculty. Earlier this week, General Counsel Elsa Cole also announced her intent to leave the University.
"Ann (Womack) and I have enjoyed our years at Michigan and look forward to the next chapter of our lives," Womack said in a written statement. "There are a great many things left for us to do, and we are eager to pursue other interests."
Womack stepped down from his position as University chief financial officer Dec. 31, 1996, with an intent to begin working as a professor. Although his retirement furlough is not effective until Feb. 28, 1998, Womack will begin his retirement furlough on March 1, 1997.
Duderstadt, who hired Womack early in his presidency, said he was aware Womack had heavily considered retirement in the past few weeks.
"I do know that he was giving retirement a great deal of thought in recent weeks," Duderstadt said. "Primarily because of a growing recognition that the things he was interested in doing now lay primarily outside the University."
Womack struck a deal with Duderstadt in October 1995, which granted Womack a variety of benefits if he returned to the faculty after leaving his administrative post. Instead, Womack has received a substitute agreement with the University.
"Dr. Womack initiated it - I wholeheartedly approved of it," said University President Lee Bollinger. "We were very quickly able to settle it."
The news of Womack's retirement was a surprise to many administrators, said Vice President for University Relations Walter Harrison.
Womack would not offer further comment about his request for a substitute contract or his future plans.
Other stipulations of his employment agreement with Duderstadt include:
During his eight-year tenure as chief financial officer, Womack oversaw an increase in the University's investment endowments from $300 million to $1.6 billion.
"(Womack's) financial acumen and leadership in higher education are legendary," Bollinger said. "Thanks to his splendid leadership, the U of M is recognized as one of the most financially-sound universities in the United States."
Chandler Matthews currently serves as interim chief financial officer. A search committee has been formed to find a permanent replacement.
- Daily Staff Reporter Heather Kamins contributed to this report.