Trustees are divided over Florida A&M University's new President's contract
4:41 PM, Jan 31, 2014
4:44 PM, Jan 31, 2014
TALLAHASSEE, Fla. (AP) -- Trustees who oversee Florida A&M University are divided over a contract for the school's new president.
The FAMU board was scheduled Friday to approve a $425,000 contract for Elmira Magnum. Magnum is currently vice president for budget and planning for Cornell University.
Several trustees raised questions about the contract and perks included in it. But other trustees voiced concerns that quibbling over the contract could delay when Magnum would start. Trustees agreed to rework the contract and to take a vote next week.
Magnum's proposed base salary is nearly $84,000 higher than what FAMU paid James Ammons. Ammons abruptly resigned in 2012.
The contract also calls for relocation expenses, a 10 percent performance bonus, an annuity worth 15 percent of Magnum's salary, and a country club membership.