Getty Loses Second Top Official This Year

The J. Paul Getty Trust has announced that its chairman will step down in October, eight months before his term expires, reports the Los Angeles Times.

The announcement came just days before the California attorney general is expected to release the results of a yearlong investigation of the trust, which focuses on its leadership and governance. The report is expected to say that the trustees failed to conduct sufficient oversight of the organization, the newspaper says.

John H. Biggs, former chairman of the TIAA-CREF investment organization, was elected chairman of Getty in 2004 and saw the trust through the controversy over its chief executive, Barry Munitz, who has been accused of using the trust’s money for personal benefit.

Mr. Munitz resigned in February and reimbursed the trust $250,000 to settle unresolved disputes, the newspaper said.

Mr. Biggs, who joined the board in 1999, cited the position’s “heavy responsibilities” as a reason for his departure.