Director Jeremy Strick resigned, and a new position of chief executive officer was created for Charles E. Young, former chancellor of the University of California, Los Angeles.[38] Broad required compliance with strict financial terms, but did not demand Strick's resignation or Young's appointment as a condition.[39] Hired for a limited term, Young oversaw layoffs and cutbacks in the exhibition schedule that reduced MOCA's budget from more than $24 million to less than the $16 million in 2011.[6] In a departure from past practice, when MOCA would schedule shows before funding had been secured, it has adopted a policy of committing to exhibitions only after at least 80% of its projected budget has been lined up.[40]