UM System president Tim Wolfe announced Friday that a new chief financial officer will be hired at the system level to permanently fill the vacancy created when former vice president of finance Nikki Krawitz retired in June, 2013.

Brian Burnett, who is currently the senior executive vice chancellor for administration and finance at the University of Colorado-Colorado Springs, will begin his new position as the UM System chief financial officer effective Aug. 1 with a starting salary of $300,000.

“Dr. Burnett comes to the UM System with an extensive background in public higher education administration,” Wolfe said in a press release.

According to the release, Burnett’s new role will require him to manage the system’s departments of treasury, controller, procurement, management services, budget planning and development, as well as internal audits.

Burnett holds a master’s degree in finance from the University of Colorado-Denver and a doctorate in philosophy in educational leadership, research and policy from UCCS.

The announcement was made just after the UM System Board of Curators’ Compensation and Human Resources Committee held a closed meeting.

While UM System spokesman John Fougere could not comment on anything that was discussed during the closed committee meeting, he said the curators had approved the hire.

Tom Richards, who has served as the UM System interim vice president for finance and treasurer since Krawitz’s retirement in 2013, will continue his position as the UM System treasurer and resume his previous role as the system’s chief investment officer.