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In an email to the universitywide community, Board of Trustees Chairman David Parker provided this update regarding the search for President Modesto A. Maidique’s successor:
Dear members of the university community:
The Board of Trustees Presidential Search Committee, which I chair, met Tuesday to discuss a compensation study we commissioned to determine a competitive range of compensation for presidents of institutions comparable to ours. The chairman of the Finance and Audit Committee of the FIU Foundation joined us for this discussion because approximately two-thirds of the president’s compensation is paid by the Foundation.
Our entire search process, including the commissioning of a compensation study, is designed to recruit highly qualified candidates while ensuring efficiency and transparency. It is important that we are clear about what we are looking for and how much we need to pay for talent in a highly competitive environment.
At our meeting, we discussed the compensation package that will be offered to the next president, based on the study by Raymond D. Cotton, vice president of Higher Education in the Washington D.C.-based law firm of Mintz Levin. The compensation study takes into account the total compensation – base salary, deferred compensation, performance and retention bonuses, housing allowance, etc. – of the presidents of 22 institutions comparable to FIU. The total annual compensation of the presidents of public institutions in that group ranges between $534,260 and $816,002, with $679,257 being the median.
After discussing the report, the committee determined that finalists will be presented with a list of terms of employment that they must review and agree to prior to the final selection being made.
The recruiting phase has been on-going for two months and we are ready to move through the selection process in a way that is inclusive of the university community, responds to the realities of doing business in the sunshine and has a high probability of success.
Beginning on April 17, we enter an intense period that kicks off with the Presidential Search Advisory Committee reviewing candidate applications, interviewing candidates and forwarding a short list of up to five candidates to the BOT Search Committee. Our committee will then select up to three candidates who will be invited to campus for interviews. Each candidate will go through a day-long process of meeting with students, faculty, administrators, alumni and members of the community. These meetings are currently scheduled for April 22, 23 and 24. With feedback from these interviews, the BOT Search Committee will then select up to two final candidates to put before the full Board of Trustees on Saturday, April 25. Our objective is to extend an offer to one of the candidates that day. Our selection will then go before the Board of Governors for ratification.
As we all know, finding a worthy successor to Dr. Modesto A. Maidique, who has guided FIU for more than two decades, is a difficult task. I thank the members of the Presidential Search Advisory Board, led by Executive Dean of Business Joyce Elam, my fellow trustees, and many members of the university staff, especially Senior Vice President and CFO Vivian Sanchez, who has been instrumental in this process. Everyone has given of their time selflessly for the benefit of the institution and will continue to do so for the next few weeks.
You may find more information on the search, including the position description and detailed timeline of events, at the official presidential search site.
Questions or comments to the BOT search committee should be submitted to trustees@fiu.edu.
Questions or comments regarding the process should be directed to Senior Vice President Vivian Sanchez, vivian.sanchez@fiu.edu. 305-348-2101.
Media inquiries should go to Media Relations Director Maydel Santana-Bravo, santanam@fiu.edu, 305-348-1555.
Candidate recommendations or nominations should be made directly to Greenwood/Asher at jangreenwood@greenwoodsearch.com or bettyasher@greenwoodsearch.com
David Parker
Chair, FIU Board of Trustees
Chair, BOT Presidential Search Committee
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