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Six months after Austin billionaire Robert Smith reached a $140 million tax evasion settlement, two leaders at Smith's private equity firm Vista Equity Partners are stepping down, according to Bloomberg.
Senior dealmakers Alan Cline and Rob Rogers, both Austin-based senior managing directors, are stepping down from the firm. Cline will be replaced by Rachel Arnold as co-head of the Vista Endeavor Fund with René Yang Stewart, while Patrick Severson will be taking the co-head of the Vista Foundation Fund next to Marc Teillon.
Both Cline and Rogers have been with the company for around two decades, with Cline joining in 2001 and Rogers coming on in 2002. Just like Vista's founder Smith, both hail from Goldman Sachs Group Inc.
Alongside his position on the Vista Endeavor Fund, Cline was on the investment committee and executive committee. Rogers was co-head of the Vista Foundation Fund and also sat on the private equity management committee. He will step down from those roles but will stay on the Foundation Fund's investment committee, a source told Bloomberg.
Vista has seen others step down after Smith agreed to pay around $140 million to settle a four-year criminal tax investigation, in which Smith managed to avoid prison time. His longtime partner, Vista president Brian Sheth, stepped down a few weeks after the scandal was made public.
Smith is the richest Black man in the nation. Years before Austin emerged as a tech hub, Smith and Sheth, a billionaire himself, relocated their main office to Austin in 2011 and invested millions in tech and software startups across the country.
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A week after Texas added two congressional seats and California lost one, state officials reported a population decline in 2020 for the first time in the Golden State's history.
California fell by over 182,000 people from January 2020 to January 2021, dropping almost 0.5% to cap out at around 39.5 million people. It is still the nation's most populous state.
For over thirty years, California has seen more people leave than move in from other states, state officials said, with 6.1 million people moving out and 4.9 million coming in last year. Immigration and births kept California growing, but the state saw a shrink in international migration in 2020 due to COVID and the White House's hold on visas.
Of the steady flow of ex-Californians moving to other states, more are moving to Texas than any other state. Many are relocating to Austin, which has been labeled a "little California" by billionaire resident Elon Musk and continues to grow astronomically.
Meanwhile, California cities including Los Angeles, San Diego, San Jose and San Francisco saw a population decline.
With immigration and state migration on the decline, the Golden State was also hit with a spike in deaths- 51,000 people died from COVID in 2020, and all but seven of the state's counties saw death rates higher than the three-year average.
Still, the California Department of Finance said a "slightly positive annual growth" can be expected next year as the state recovers from COVID deaths and political repercussions.
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