The board members of California’s stem cell agency last night elected bond financier Jonathan Thomas, a founding partner in the Santa Monica investment group Saybrook Capital, as their new leader. Ending months of wrangling to find a suitable successor to outgoing chairman Bob Klein, in a 14–11 split decision the board opted for the lawyer/banker over the cardiologist/entrepreneur Frank Litvack, the other nominee in the race.

In a press release issued by the California Institute for Regenerative Medicine (CIRM), the agency’s top dogs espoused Thomas’s financial acumen. “He brings extensive finance experience that will enable CIRM to remain a stable source of stem cell research funding during a difficult financial time for the state,” Outgoing chairman Bob Klein said in a statement. President Alan Trounson added, “[A]s CIRM enters the next phase Jonathan Thomas’ financial experience and advocacy will strengthen CIRM’s position.”

In an interview last month with Nature Medicine shortly after nominations were announced, Thomas described the CIRM chairmanship as “a wonderful opportunity to do something of great significance.” It will also prove to be a lucrative one. According to the California Stem Cell Report, Thomas will be paid around $395,000 for the four-fifths-time job. That still puts his salary below that of Trounson, who earned $490,118 last year, but above anyone else in the agency — not to mention above the annual pay grade of Governor Jerry Brown, who earns just $173,987 per year.