Utah Capital Investment Board Biographies
Robert P. Majka
• • • • • • • • • • • • • • • • • • • • • • •
Mr. Majka has more than 30 years management experience in the consumer and commercial lending industry. Mr. Majka was an Executive Vice President with Associates Corporation that merged with Citigroup in late 2000. At the time of the merger, Associate Corporation was one of the nation's largest "subprime" lenders, had $29.7 billion in outstanding loans in its consumer finance portfolio, serviced 480,000 home equity loans, and had nearly 3 million personal loans. Mr. Majka was the President and CEO of Associates Capital Bank, Inc. prior to the Citigroup merger and was a Vice President with Croker National Bank prior to joining the Associate Corporation. Upon leaving Citigroup and returning to Utah, Mr. Majka has been involved as a Board of Trustee with the Catholic Foundation of Utah, a Director with the Volvo Commercial Credit Corp. and participated in Junior Achievement Economics at Alta High School.
Richard K. Ellis
• • • • • • • • • • • • • • • • • • • • • • •
Richard Ellis was elected State Treasurer Nov. 2008. As State Treasurer, he is responsible for the investment of state funds and the Public Treasurers Investment Fund, the issuance of all general obligation and revenue bonds, and administering the unclaimed property program. The State Treasurer also sits on various boards as required by statute. Prior to becoming State Treasurer, Mr. Ellis served nine years as the Chief Deputy State Treasurer and three years as the Director of the Governor’s Office of Planning and Budget. His career has focused on public finance with experience as the Finance Director for Draper City, an investment banker with Dougherty, Dawkins, Strand & Bigelow, and as the Assistant Treasurer with the Jordan Valley Water Conservancy District. In total, Mr. Ellis has over 24 years of experience in public finance. Mr. Ellis received his Master of Business Administration degree from the University of Utah in 1990, and a Bachelor of Science Degree in Business Management from Brigham Young University.
Spence Eccles
• • • • • • • • • • • • • • • • • • • • • • •
Spencer P Eccles is a business-school graduate of Brigham Young University and has extensive experience in Utah's business realm and beyond it.
Eccles worked for Wells Capital Management in Salt Lake City and has been involved with various American and international technology companies, as well as managing three ranch operations in Idaho and Wyoming and the Goldener Hirsch Inn in Deer Valley.
During the 2002 Winter Olympics in Utah, he managed development of the Snow Basin venue and oversaw the events there, and he has served on many community boards, as well.
He is president of First Security Foundation and advises The George S. and Dolores Dore Eccles Foundation. He is the son of well-known Utah businessman and philanthropist Spencer F. Eccles.
The purpose of the board is to mobilize venture equity capital for investment in a manner that will result in a significant potential to create jobs and to diversify and stabilize the economy of the state. Board duties are to establish criteria and procedures for the allocation and issuance of contingent tax credits to designated investors and designated purchasers by means of certificates issued by the board, establish criteria and procedures for assessing the likelihood of contingent tax credit redemptions, and establish a desired fund rate of return.
