The next FIU president could make more than $1 million a year. Here’s what was approved
The next president of Florida International University could cash in an annual base salary ranging from $600,000 to $700,000.
If it ends up being Interim President Kenneth Jessell, who recently got named the only finalist for the position, that could mean a bump in his current pay of up to 39% — or roughly $200,000.
On top of the salary, the next president could also collect an annual performance-based bonus ranging from $150,000 to $300,000 and other benefits, including a car allowance ranging from $12,000 to $12,600 and a retirement supplement ranging from $120,000 to $140,000.
In total, the compensation could range from $910,581 to $1,181,181 for a contract that would run through 2025.
The FIU Presidential Search Committee unanimously approved the ranges for the compensation package, which the FIU human resources division recommended, during a Thursday meeting. The FIU Board of Trustees will meet Oct. 17 to vote on the final figures.
FIU’s former president, Mark Rosenberg, received an annual base salary of $502,578.63. He resigned in January as president amid misconduct allegations by a woman who worked with him.
READ MORE: Rosenberg could return to classroom after resigning as FIU president. His pay? $377K
Jessell earned $457,302.65 as chief financial officer and senior vice president for finance and administration. After he left that role to become interim president, he scored in March a $503,000 one-year contract.
On Sept. 21, Roger Tovar, the chair of the search committee and vice chair of the board of trustees, announced that in about five months, the committee screened about 70 candidates, interviewed a dozen and ultimately picked only one to publicly name as finalist: Jessell.
Other applicants that the committee considered naming finalists dropped out after the committee refused to advance them as its sole recommendation, Tovar said.
READ MORE: Five things you may not know about FIU’s Interim President Ken Jessell
How did the committee pick the compensation ranges?
During the meeting Thursday, Tovar said he suspects, based on his experience, that the board will likely combine both ends of the ranges, and could end up selecting the lowest base salary with the highest bonus or vice versa.
“In any of these compensation packages, I think we need to be cognizant of a lot of things. Number one, that we’re being fair with Dr. Jessell, but also taking into consideration whether faculty and staff have had raises. It still is a state job, so there is a level of service here — I think all of that will be considered as we talk about the final compensation package,” Tovar said.
FIU human resources professionals advanced the compensation ranges to the committee after reviewing how much the other 11 public universities in Florida pay their presidents, paying closer attention to the five who pay them more than FIU. In total, they analyzed the presidential compensation at 23 universities nationwide.
The University of Florida pays its president the most in the state: an annual base salary of $953,841 and a total compensation of $1,464,597 for a 2015-2020 contract. UF will soon select a new president and will likely reevaluate those numbers.
On Thursday, UF announced that its presidential search committee chose Republican Sen. Ben Sasse of Nebraska as the sole finalist to be the next president.
William Funk, founder and president of R. William Funk & Associates — the Texas-based search firm hired by FIU to help with the process, said the suggested ranges “are right on the money.”
“I should mention that when we were doing this search any number of candidates went to the Chronicle of the Higher Education to see what the current president or the most recent president was being paid,” Funk said, “and they were a tad concerned because it seemed low.”
“My only thought is ... I would lean toward the higher end,” he added.
Do you want to share your opinion?
FIU will hold six sessions for the community to interact with Jessell. To view the details of each, click here.
Those interested can register to attend in person at the Graham Center Ballrooms on the main FIU Modesto A. Maidique Campus or watch via Zoom. They can submit questions in advance using this online form.
READ MORE: FIU hears from many about search for next president
