Full Breakdown
UCLA CFO Stephen Agostini Dismissed Amid Financial Controversy
2/18/2026, 3:15:25 AM
Departure of Stephen Agostini
UCLA Chief Financial Officer Stephen Agostini has been dismissed from his position, a significant development for the university's athletic department, particularly regarding its proposed relocation from the Rose Bowl to SoFi Stadium. The announcement was made by UCLA Chancellor Julio Frenk in a memo to faculty and staff. Reem Hanna-Harwell, the senior associate dean for finance and administration in the UCLA College, has been appointed as the interim CFO while a search for a permanent replacement is conducted.
Agostini's tenure lasted less than two years, having joined UCLA in May 2024 from the University of North Carolina at Chapel Hill. His departure follows his advocacy for a move to SoFi Stadium, which included plans for a mixed-use development project intended to generate revenue for the university. This initiative was seen as a potential solution to offset costs related to a breach-of-contract lawsuit filed by the Rose Bowl and the City of Pasadena, aimed at retaining UCLA's football games at their current venue.
Financial Oversight and Controversy
During his time at UCLA, Agostini was instrumental in providing substantial financial support to the athletic department, including $30 million in direct institutional support over the past two fiscal years. This support was crucial in addressing the department's significant financial challenges, which included a reported $241.1 million deficit over the previous seven years. However, the UCLA Academic Senate has criticized the financial management of the athletic department, calling for an independent audit and a structured plan to reduce the university's subsidies.
Agostini's comments to the Daily Bruin regarding the university's financial mismanagement may have contributed to his dismissal. He projected a $425 million deficit for the 2025-26 fiscal year, a claim that was contested by UCLA's vice chancellor for strategic communications, Mary Osako, who stated that the actual projected shortfall was "substantially lower." Osako emphasized Chancellor Frenk's confidence in the integrity of UCLA's leadership and financial oversight.
Criticism of Financial Management
Agostini's remarks included severe critiques of the university's financial practices, describing the unaudited annual financial reports as containing numerous factual errors. He also criticized the Ascend Finance Transformation Project, which aimed to modernize financial operations, labeling it "a terrific waste of resources" after it incurred costs of $150 million. Agostini expressed astonishment at the financial management flaws he encountered upon his arrival, stating, "I have rarely seen the kind of financial management flaws and failures that I see here."
Official Statements
In response to Agostini's departure and his comments, Mary Osako stated, "Chancellor Frenk is confident in the integrity of UCLA’s leadership, past and present, and their financial oversight and decision-making processes. Statements suggesting otherwise are unfounded and do not reflect his or UCLA’s position."
What's Next
The university will now seek a permanent replacement for Agostini while addressing the ongoing financial challenges within the athletic department. The implications of his dismissal and the financial controversies surrounding UCLA remain to be seen as the institution navigates its future direction.
