Carlo Fassi, Fred
Franklin, Hugh Greene, Joy Korman, Rad Lovett, Oscar Munoz, Lynn Pappas, Myron
Pincomb, Gordon Rakita, Lanny Russell, Bruce Taylor
Joannie Newton, Sharon Wamble-King
Taylor addressed those in attendance and call the special meeting to order at
Taylor asked those in attendance for comments on items on the agenda. There
were no comments from the public.
Chair Taylor stated
that the purpose of this meeting was to conclude the Board’s discussion with
its compensation consultant, Mr. McConnell, on a proposed five-year extension
on President Delaney’s contract and to approve the specific financial terms.
Taylor referenced the two documents which have been provided to the Board which
explained the key elements for a proposed contract extension. Key elements
members were supportive of the proposal, noting that the proposed structure met
the Board’s goal to incentive President Delaney to stay and, further, met the President’s
goal of no increase in pay. Chair Taylor further clarified that, as was current
practice, the President’s performance would be discussed and evaluated annually
by the Board, as currently stated in the contract. Mr. McConnell concurred that
the restructure of the contract served the purpose of creating incentives for
the President to stay. Mr. McConnell
further indicated that the total compensation package is reasonable compared to
President Delaney’s peers.
Board members agreed that the proposed contract extension, as outlined in
Mr. McConnell’s provided documentation, did achieve the Board’s intentions.
With the discussion concluded, the Board asked for a MOTION to approve a
contract extension for President Delaney under the terms proposed by Chair Taylor
and, further, to authorize Chair Taylor to work with legal counsel to draft a
contract extension consistent with the recommendations approved by the Board.
Such an agreement would be executed by the Board chair as soon as possible. The
MOTION was offered by Trustee Korman and seconded by Trustee Lovett. The MOTION
was carried as presented.
Taylor offered appreciation to Mr. Paul McConnell for his work on the contract
extension. He also thanked trustees for their efforts. Chair Taylor adjourned the
meeting at 3:34 p.m.
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