Mills Announces Retirement as Dean

McCombs School dean to end term at the end of 2025-26 academic year

Dean Lillian Mills, who has led the McCombs School of Business at The University of Texas at Austin since 2020, announced she will retire as dean when her six-year term is up at the end of the 2025–26 academic year. She shared her decision with faculty and staff members during the school’s annual retreat Aug. 14.

An award-winning educator and top-ranked scholar, Mills previously chaired the school’s Accounting Department. “Leading this exceptional community of 700 faculty and staff members and 7,000 students has been the greatest honor of my professional life,” Mills said. “Through every challenge, we’ve built something remarkable together: a culture of respect, collaboration, and gratitude.”

A national search for a new dean, led by Executive Vice President and Provost William Imboden, will launch this fall. After May 31, 2026, Mills will take a sabbatical for the 2026-2027 academic year, then return to teaching and research in the Accounting Department.

Mills has led McCombs through both unprecedented turbulence and remarkable advances. She became dean at the height of the COVID-19 pandemic, successfully steering the school through the transition to online learning and back. At the same time, she guided significant growth in programming innovations, enrollment, facilities, fundraising, and national reputation — all aligned with McCombs’ human-centered, future-focused mission.

“Some deans pace themselves for the long term, but I preferred sprinting at full speed,” Mills told faculty and staff members. Highlights of her tenure include:

• World-class faculty and research: Faculty members earned No. 10 global research ranking from Financial Times and advanced crucial areas such as AI, entrepreneurship, sports analytics, and sustainability.

• Top-tier programs: McCombs is continually ranked as one of the premier U.S. business schools, with more top 10 undergraduate business specialties than any other school in the U.S. Graduate and undergraduate accounting programs have held No. 1 rankings for nearly two decades.

• Record-breaking fundraising: Fundraising successes have eclipsed all McCombs records. Mills has raised significant funds to endow critical facilities, scholarships, and programs, securing naming gifts for the Rosenthal Department of Management, the Hildebrand MBA Program, the Harkey Institute for Entrepreneurial Studies, and the Langston Wealth Management Center. McCombs’ What Starts Here campaign has surpassed its $575 million goal, raising nearly $640 million to date.

• Mulva Hall: The $425 million, 17-story future hub for McCombs’ undergraduate community is slated to open in 2028.

• Aesthetic vision: Mills has championed creating aesthetically rich learning spaces and fostering community spirit. Thanks to the generosity of Barbara and Alan Dreeben, newly commissioned art will grace Mulva Hall as part of UT’s Landmarks program, while beautiful art installations will enhance Rowling Hall through the vision of Carolyn and Preston Butcher. Mills regularly shared hand-drawn “Bevo cartoons” with the community, small gestures meant to bring smiles to supporters, faculty, and staff.

During the search for a new dean, day-to-day operations and academic excellence will remain uninterrupted. Decisions with significant long-term implications will be made in consultation with the provost’s office to ensure continuity.

In an email announcing her decision to faculty, staff, students, and alumni, Mills highlighted cooperation and collaboration as distinct Longhorn strengths she has worked hard to bolster as dean. She pointed to a study group formed this year by students competing for prestigious Morgan Stanley internships. The students worked together to prepare, realizing they were stronger together than apart. The result was remarkable: Ten of the 12 received and accepted Morgan Stanley offers, while the remaining two secured other prestigious positions — a complete success that showcased their collaborative approach.

“That is the Texas McCombs spirit,” she said. “We believe that by lifting each other up, we do not just succeed individually; we change the world for the better.”