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USF's Genshaft to get lucrative five-year deal
By ANITA KUMAR, Times Staff Writer
TAMPA -- University of South Florida president Judy Genshaft is about to get a deal no other Florida university president has had. A five-year contract. Genshaft, USF's leader for 21/2 tumultuous years, would be paid $1.5-million over five years if the school's board of trustees approves the deal in the next several weeks. She said Thursday she is being recruited by schools across the nation and asked for a long-term contract because she wants to stay in Tampa. "To me, it's very important because it shows a commitment from both sides," she said. "I believe you send a very important message to the community, faculty and staff that I am committed to the institution." Coincidentally, Genshaft announced Thursday that the university was more than doubling head football coach Jim Leavitt's salary amid rumors he was being courted by other schools. Leavitt will make $2.8-million over five years, nearly double what Genshaft probably would make. Until recently, universities weren't allowed to sign their presidents to multiyear contracts. But a law passed this year allows universities to negotiate and enter into long-term contracts with their presidents. Florida Gulf Coast University gave president William Merwin a three-year contract last week. The University of Central Florida agreed to give president John Hitt a similar contract but is ironing out the details. Genshaft, 54, appears poised to sign the longest contract. Florida's 11 public universities are locked in a battle over which school can pay its president the most. Lucrative, multiyear contracts could be the new way universities try to outdo each other. The state's Board of Regents used to oversee all universities. But the board was abolished by Gov. Jeb Bush and the Republican-controlled Legislature last year. U.S. Sen. Bob Graham argued the new system has created competition among universities. He led a successful drive to approve a constitutional amendment last month that re-establishes a statewide panel to oversee higher education. Until that board is established in January, the boards of trustees at each university can hire and fire presidents, negotiate contracts and set salaries. Genshaft is paid $237,800 annually to oversee 37,000 students, 1,600 faculty and a $1-billion budget. The USF trustees appear ready to award an annual raise of $50,000 or more next week. Soon after, they are expected to approve a five-year contract that could pay between $287,000 and $300,000 each year, board chairman Dick Beard said. The specific dollar amount has yet to be worked out. "She's got a huge amount of energy and she's doing a great job," Beard said. "I want to see her stay." Genshaft still could leave USF if a contract is signed. But in the world of higher education, presidents with long-term contracts rarely resign voluntarily. Her contract, not yet written, likely would include terms of her severance if she were fired, bonuses and evaluations along with her salary and benefits, such as the use of a house and car. Raymond Cotton, a Washington, D.C.-based consultant who studies compensation for university presidents, said Florida is behind other states that began allowing long-term contacts in recent years. The change occurred in part because schools began to be run as businesses by industry leaders. North Carolina, often cited as having one of the most prestigious university systems in the nation, is about to sign long-term contracts with its 16 presidents for the first time. "Business people want million-dollar deals in writing," Cotton said. "Would a CEO of a $500-million company not have a contract?" Cotton said long-term contracts provide stability and detail how a president is to be evaluated. The contracts set agreed-upon goals, provide legal protections and detail what happens when a president leaves. "It's become very common for a president to have longer-term agreements," said John Ramil, a USF board member who sits on a special committee to study the president's contract. "We're probably behind the rest of the country. It provides more security for both sides." Genshaft asked Beard for a raise and a long-term deal before this semester. She has not had a raise beyond the standard state employee raise, usually 2.5 percent, since she was hired in March 2000. It's been a tough 21/2 years for Genshaft, who moved to USF from New York, where she was the provost of the University at Albany. It is her first stint as a university president. State lawmakers tried to make the St. Petersburg campus an independent university. USF was sued by basketball players alleging racial discrimination. The case of controversial professor Sami Al-Arian brought the university unwanted and often unflattering national attention. Genshaft said headhunters and universities contact her each week to enter into presidential searches. But she said she has not agreed to be included and would not if she signs a contract. "You really want stability in your leadership," she said. "It takes time to make a difference."
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