AUGUSTA -- Rebecca Wyke, the state's top finance official, has accepted a position with the University of Maine System, system Chancellor Richard Pattenaude announced Tuesday.

The announcement came just three days before Wyke was set to go before legislators as Gov. John Baldacci's nominee to head the Finance Authority of Maine.

Baldacci has withdrawn Wyke's nomination, his office said Tuesday.

Pattenaude named Wyke, currently the commissioner of the Department of Administrative and Financial Services, to the post of vice chancellor of finance and administration for the state university system, making her responsible for the university system's business and administrative functions.

"It's critical for the university system to get its finances in order," Baldacci said in a statement. "Given the financial difficulties facing the University of Maine system and the recent troubles at the University of Southern Maine, Becky is the best person to help safeguard one of our state's most important public assets."

On Friday, Wyke was scheduled for a confirmation hearing to serve as the finance authority's chief executive officer. She was to testify before the Legislature's Business, Research and Economic Development Committee.

Elizabeth Bordowitz, the finance authority's acting CEO, will remain in the leadership post until Baldacci makes another nomination.

The governor has not announced when he will choose a replacement.

The Finance Authority of Maine operates the state's higher-education loan programs.

Wyke, 46, has served as administrative and financial services commissioner for the past 51/2 years, earning a $103,000 salary.

As finance authority CEO, she would have earned between $110,000 and $181,000.

She will receive a $165,000 salary as the university system's vice chancellor.

Pattenaude praised Wyke for having "an exceptional understanding of public finance and management as well as the university system's role as a resource and partner in education and economic development."

"It's that understanding, combined with her years of experience in government and public service, that makes her an ideal choice for this position," Pattenaude said in a statement.

Wyke's new position requires approval from the university system's board of trustees before it becomes official.

In a statement, Wyke characterized her new position as an opportunity to play a role in the state's economic development.

"Higher education is the single most important economic development tool available to the state," she said. "I'm pleased to have the opportunity to be more involved in this critical area."

Matthew Stone -- 623-3811, Ext. 435

mstone@centralmaine.com