The Presidential Search Committee convened for the third time today to discuss financial compensation for the next University of Central Florida president.
During this meeting, the committee was presented with three different compensation packages based on market research by Sibson Consulting.
According to Sibson’s data, UCF should can expect to pay Dr. John C. Hitt’s successor anywhere between $514,000- $905,000 dollars a year in total compensation.
The wide salary range is broken down into three sections, the first is peer group which are schools like UCF, the second is aspirant group who UCF aspires to be, and the third is based on what other state universities’ presidents earn.
These figures are broken down into a base salary bonus/ incentives, retirement/ deferred compensation, and perquisites such as, housing benefits, automobile benefits, health or social club dues, personal services, cellular phone allowances, and executive life insurance.
President Hitt’s current base salary is $505,730 but with bonuses and housing allowance, his actual yearly salary is closer to $1.3 million.
As Knight News previously reported, the Presidential Search Committee unanimously decided to use an outside third-party firm to determine the salary of UCF’s next president at their first meeting. This decision would cost the school approximately $30,000, according to UCF Vice President and General Counsel Scott Cole.
Along with discussing salary compensation, Parker Executive Search President Laurie Wilder updated the committee on her firms search for the next UCF president.
“We have been talking to individuals about this position and they know about UCF, and the past couple weeks of press have not hurt at all,” Wilder said. “But I think they knew about UCF before the football championship. I really think they knew it from the trajectory you’ve been on, both academically from the student’s success also from the research perspective. Your name recognition is outstanding on a national basis.”
The only issue Wilder sees going forward with the presidential search is the Florida sunshine state law requiring a university presidential search is conducted in complete transparency.
“Our biggest concern right now is the open process that is required in the state of Florida, Wilder told the committee. “That is giving some individuals great pause, and as we have talked to sitting presidents it is obviously a massive concern for them.”
While the sunshine state law may be a concern to Wilder, Sean Lavin, a UCF alumnus who spoke at the meeting begged to differ.
“I disagree with Parker Executive Search. If open government laws prevent quality people from applying, then how did UCF attract Dr. Hitt, when those same laws were in place? How did UF attract Ken Fuchs? The benefit of strong open government laws outweighs any inconvenience,” Lavin said.
(Note: Lavin is also an alumni volunteer for Knight News.)
Knight News will continue to follow the Presidential Search Committee and update students every step of the way. The Next Presidential Search Committee meeting is scheduled for Feb. 5 at 10 a.m. in the Global UCF Building.