UCLA Fires Chief Financial Officer Amid Budget Controversy

Chancellor Julio Frenk announced the firing of Steve Agostini, citing inaccurate public statements about the campus deficit.

Published on Feb. 21, 2026

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UCLA has fired its chief financial officer, Steve Agostini, after officials said he inaccurately described the campus deficit. The firing was announced by Chancellor Julio Frenk in a campus-wide message, though he did not elaborate on the specific reason. A source told the Los Angeles Times that the firing was tied to Agostini's public statements about the budget and long-term financial management, which were made without Frenk's approval.

Why it matters

The firing of the chief financial officer at a major university like UCLA is a significant development, as it highlights ongoing financial challenges and tensions over how those issues are communicated publicly. The situation raises questions about transparency, accountability, and the management of the university's budget and long-term financial planning.

The details

Agostini had given an interview to the Daily Bruin student newspaper, saying the campus had 'financial management flaws and failures' predating his arrival in 2024, leading to what he said was a $425-million deficit. He blamed the financial woes on faculty and staff raises, academic departments' requests for new positions and expanded programs, and UCLA athletics, which has run in the red for multiple years. However, Agostini's statements were apparently made without the approval of Chancellor Frenk.

  • On February 18, 2026, UCLA announced the firing of its chief financial officer, Steve Agostini.
  • In the days prior to his firing, Agostini had given an interview to the Daily Bruin student newspaper discussing the university's financial challenges.

The players

Julio Frenk

The chancellor of UCLA who announced the firing of Steve Agostini.

Steve Agostini

The former chief financial officer of UCLA who was fired after making public statements about the university's budget and financial management without the chancellor's approval.

Reem Hanna-Harwell

The senior associate dean for finance and administration in the UCLA College, who will serve as interim vice chancellor and chief financial officer while a national search is conducted for a permanent replacement.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

What’s next

A national search for a permanent vice chancellor and chief financial officer will begin in the coming months, according to Chancellor Frenk.

The takeaway

The firing of UCLA's chief financial officer highlights the ongoing financial challenges facing the university and the importance of transparent and aligned communication between university leadership and the public. The situation underscores the need for strong financial management and oversight at major institutions like UCLA.