12:00 AM

Statement by William J. Shkurti, Senior Vice President for Business and Finance:

“Ohio State University Treasurer James L. Nichols has notified the university that he will be retiring from his position effective December 31, 2006. Mr. Nichols has been on administrative leave since October 2006, during which time the university has asked an independent auditing firm, Deloitte & Touche, to conduct a review of certain actions taken by him that appear to be at variance with accepted university policies, including the failure to sell university-held stock in a timely manner.

“There is no evidence of fraud or misappropriation. Mr. Nichols has served the university well for many years and has a good track record of managing the university's financial assets. Nevertheless, prudent business practice requires us to review the situation thoroughly in order to ensure that university investments are protected.

Mr. Nichols has cooperated fully with this process. We expect the review to be completed in 30 to 60 days. I have assumed the duties of acting treasurer for the duration of the review.”

Editors note: Nichols has served as university treasurer since November, 1981.