Governor Phil Bredesen appointed a Task Force on Institutional Governance following the resignation of Dr. John Shumaker as president of the university in August 2003. The group included four members of the board of trustees and two citizens with business experience. Rhyette Hurd, Steve Ennis, John Pontius, and James Murphy were the trustee members of the task force. Linda Rebrovick, an executive with consulting firm Bearing Point, and Larry Martin of First Tennessee Bank, were the business-related members. At the October 10, 2003, board of trustees meeting, the task force presented its report, recommending as immediate actions: establish an Audit Committee as a standing board of trustees committee; establish the position of chief financial officer; establish the position of chief internal auditor, reporting administratively to the chief financial officer and directly to the Audit Committee with respect to audit activities and findings; establish a Board Process and Governance Committee as a standing board of trustees committee; continue the work of the Governance Task Force; and restructure the Executive Committee as the Executive and Compensation Committee. Following the presentation, the board passed a motion to revise the bylaws to incorporate creation of an Audit Committee and establishment of the positions of chief financial officer and chief internal auditor.