Patricia Kilday Hart reported the development in the Houston Chronicle blog about two hours ago. She writes:

Remember those rumors that the University of Texas Board of Regents were considering firing UT-Austin President Bill Powers for “insubordination” after he mildly complained that they rejected a proposed tuition increase?  Everyone — including Chancellor Francisco Cigarroa denied that Powers’ job was in jeopardy. But now that UT’s graduation is in the past (held last Saturday) and all the students have left town, the regents have decided to hold a special meeting.  Among the items that will be discussed: U. T. System: Discussion and appropriate action regarding individual personnel matters relating to appointment, employment, evaluation, compensation, assignment, and duties of presidents (academic and health institutions), U. T. System Administration officers (Executive Vice Chancellors and Vice Chancellors), other officers reporting directly to the Board (Chancellor, General Counsel to the Board, and Chief Audit Executive), and U. T. System and institutional employees Personnel Matters Relating to Appointment, Employment, Evaluation, Assignment, Duties, Discipline, or Dismissal of Officers or Employees – Section 551.074 U. T. System: Discussion and appropriate action regarding individual personnel matters relating to appointment, employment, evaluation, compensation, assignment, and duties of presidents (academic and health institutions), U. T. System Administration officers (Executive Vice Chancellors and Vice Chancellors), other officers reporting directly to the Board (Chancellor, General Counsel to the Board, and Chief Audit Executive), and U. T. System and institutional employees

Hart continues, “Obviously, someone’s head is on the chopping block. Ironically, commencement speaker last weekend was former Secretary of Defense Robert Gates, who said UT was “blessed” to have Powers’ as president.” * * * * While the first thing most people are likely to conclude is that Bill Powers is the target of the “individual personnel matters” mentioned in the notice, a reliable source tells me that this is not the case. In fact, UT spokesman Gary Susswein confirmed to me this afternoon that the only agenda item that pertains to UT-Austin is extending the agreement to use the Cotton Bowl for the UT-OU game.