U of M President Joan Gabel resigns from Securian Board of Directors after calls for investigation
MINNEAPOLIS -- The Board of Regents voted last month to approve a conflict of interest management plan allowing Gabel to serve as a Securian board member.
The university's Board of Regents voted last month to approve a conflict of interest management plan allowing Gabel to serve as a Securian board member.
However, Regent Darrin Rosha, University of Minnesota law professor Richard Painter and former Governor Arne Carlson sent a letter to the U.S. Securities and Exchange Commission and the state attorney general alleging Gabel's position on Securian Financial's board is a conflict of interest.
MORE: Demands made for investigation of U of M President Joan Gabel's role on financial board
Gabel had agreed to recuse herself from any decisions on contracts between the university and Securian Financial and its affiliates.
"This distraction is unfortunate, as my appointment to the Board of Securian would only expand the University's important networks and outreach," said Gabel. "However, out of respect for the institution and to eliminate any further distraction of our work, with a heavy heart, I will be resigning my Securian Financial directorship effective immediately."