Florida State Board of Administration, Tallahassee, will search for an executive recruiting firm to find candidates for its vacant executive director position and will raise the base pay of the position to the $250,000 to $350,000 range. Trustees of the $187.5 billion board approved the actions Tuesday based on the recommendations of Robert Milligan, interim executive director, who took over in December after the resignation of Coleman Stipanovich.
Mr. Stipanovich earned about $182,000 in base salary and received a bonus of about 8% in 2006, his last full year on the job, said Michael P. McCauley, director of investment services and communications.
We cannot expect to see confidence restored to our pension funds if we cannot pay for the quality leadership that we deserve in this state, Attorney General Bill McCollum, a trustee, said at the meeting, endorsing the recommendation. The new base salary range would be similar to that of comparable funds, Mr. McCollum said. We have the money (for the pay raise). Its not like we need to go to the Legislature, he added.
The board didnt act to raise performance bonuses for the executive director and other management staff, now ranging from 5% to 8%, although Mr. McCollum said trustees should consider doing so in the future, noting at major pension funds bonuses range from 75% to 125%. Details of the search for an executive recruiting firm were not discussed at the meeting.