FGCU trustees approve new president’s $500K contract

Incoming Florida Gulf Coast University President Aysegul Timur is in line to earn $500,000 annually in a three-year contract approved by the school’s trustees.

Timur, who was the only internal candidate among three other finalists considered by the university’s trustees in the run-up to her selection last month, also would be the first woman to lead Florida Gulf Coast. Timur has served as vice president and vice provost for strategy and program innovation at the university.

Her proposed contract will need approval from the state university system’s Board of Governors, which is scheduled to consider Timur’s employment agreement during a June 22 meeting. Timur is expected to officially become president on July 1.

The FGCU trustees approved the proposed contract terms in a unanimous vote.

Timur’s agreement with the university allows for a four-percent pay increase each year, with the opportunity for the trustees to further raise her pay following performance reviews.

One member of the Board of Governors, state Education Commissioner Manny Diaz Jr., last month floated the idea of giving Timur a “shorter contract” when she becomes president.

“This looks like a situation where this contract, and I’m not talking about (compensation) amounts, should be looked at in a situation where they take baby steps,” Diaz said during a May 10 meeting of the board.

But the duration of Timur’s contract is fairly standard compared to other university presidents hired since 2021, according to an analysis of employment agreements conducted by The News Service of Florida. The review showed that recently hired presidents received three-year or five-year contracts.

As an example, University of Florida President Ben Sasse was given a five-year contract with a $1 million annual base salary when he was installed as the school’s leader in November.

The Board of Governors in June 2021 approved a five-year contract, which included a $700,000 base salary, for Florida State University President Richard McCullough.

Richard Corcoran, a former state education commissioner and state House speaker, in February was awarded a $699,000 base salary as interim president of New College of Florida, a small liberal arts school in Sarasota. Corcoran could serve in the role through September of next year if a permanent president isn’t selected before then.

Kenneth Jessell, who last year was named president of Florida International University after previously serving as its interim leader, earns $650,000 per year in a three-year contract that runs through November 2025.

The Board of Governors also last summer approved a five-year contract for University of North Florida President Moez Limayem with a base pay of $500,000.

Florida’s university presidents also frequently have opportunities to earn additional income based on factors such as completing the full terms of their contracts or meeting certain performance-based benchmarks. Other perks such as housing and transportation costs are often covered within contracts.

Timur’s contract would allow for an annual incentive bonus of up to $100,000, while Sasse and McCullough, for example, are eligible for annual performance-based bonuses of $150,000.

Her proposed contract also includes a housing allowance of $60,000 per year, with a stipulation that Timur host at least four university-related events at her home each year.

Sasse and McCullough also could receive hefty “retention” payments if they serve as president for the duration of their agreements. Starting in February of 2024, Sasse will begin to accrue $200,000 yearly payments that would be paid out as a lump sum at the end of his contract in 2028.

McCullough similarly would receive a retention payment of $500,000 at the conclusion of his five-year agreement.

Timur will take over at FGCU for retiring President Mike Martin, who has led the school since 2017.