by Katy Knapp
Daily Lobo
Gov. Bill Richardson named Regent Doug Brown the interim state treasurer on Thursday. He will begin Monday.
He will remain in the position until the election in November 2006 - with the promise he will not run for the position, which was required by the search committee. The job of the treasurer is to invest and manage $4 billion in state and local funds.
Brown, who has been a UNM regent since August 2003, is filling the position left open by Robert Vigil, who resigned last month after a federal investigation that brought 21 counts of felony extortion charges against him.
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Brown was unable to be reached for comment.
Jamie Koch, president of the Board of Regents, said Brown will be replaced on the board, but not until next month.
"His appointment won't make any difference at this time," he said. "But sometime in December, he's going to have to step down."
Koch said he did not know how long it will take to find a replacement.
"When he goes off, he's obviously going to be replaced, but we don't know who and don't know when," he said.
Richardson said in a news release he is proud to appoint Brown to the position and is confident he will restore the good reputation of the office.
"Doug Brown is a man of integrity and a financial expert with 28 years of experience in banking and investments," he said.
Brown thanked Richardson for the opportunity to take on such an important job.
"I am looking forward to immediately getting down to work and restoring New Mexico's faith in the Treasurer's Office," he said in the news release.
Vigil, who was elected state treasurer in 2003, pleaded not guilty to extortion and racketeering charges. It is alleged he received more than $265,000 in kickbacks from investors. Michael Montoya, state treasurer from 1995 to 2002, also pleaded not guilty to similar extortion charges that came up during the federal investigation.
Brown, 67, has been working in the banking and finance industry for more than 20 years and was the president and chief executive officer of the Tuition Plan Consortium until 1999, when he retired.
Brown was chosen out of four candidates, all chosen by a bi-partisan 19-member search committee and recommended to the governor.
Richardson said in the release he interviewed the candidates Wednesday before making his decision.
"All were very, very qualified," he said.
According to the release, Richardson told the search committee to look for candidates with extensive financial backgrounds, strong credentials and character.
Kim Sanchez Rael, co-chairwoman of the selection committee, said in the news release they found someone who fit the bill.
"The Treasurer's Office is in good hands with Doug Brown," she said.
