FAU BOT to choose Presidential Search firm on Monday, August 19th
FAU will be narrowing down presidential search consulting firms from 3 to 1 at its meeting on Monday.
University documents show that on June 27th the Board started the search for a new president and received proposals from seven firms, which were vetted both on paper and via interviews.
The "final three" firms are Parker Executive Search, R. Williams Funk & Associates, and Witt/Kieffer.
Using either of the first two firms for the search will cost approximately $90,000 plus out-of-pocket expenses for things like research, long-distance calls and travel. The language suggests that the typical rate is "one-third of the first year's total cash compensation", which at a ballpark figure of about $300,000+ for a new president, one-third is not close off the $90k. The third firm is willing to negotiate a cap on the base retainer fee but is looking for the one-third "with a minimum of $55,000." They also have fixed expense fee between $4500-7000.
All three firms are offering to conduct a replacement search "at no charge to the University (excluding expenses)" if the new FAU president leaves within one year.
"Each firm's proposed terms and within (the established budget)" set aside for finding a new president.
Once selected, FAU "enters into an engagement agreement with the selected immediately" and it's GAME ON.
No specific deadline for finding and hiring a new president is mentioned.