Eastern to spend $110K on new president search

Madelyn Kidd, News Editor

Eastern is set to spend over $110,000 on the search for a new president with a company who run executive searches, Greenwood/Asher & Associates.

With University President David Glassman retiring June 30, 2023, Eastern is working on searching for a new president. 

Eastern chose Greenwood/Asher & Associates to hold the executive search for Eastern’s new president.

The contract agreeing to the cost and payment for Greenwood/Asher & Associates was signed on June 29 and agreed to choose a candidate as Eastern’s new president within a year of signing the agreement.

Within the agreement, Eastern has to pay a professional fee of $110,000 not including expenses on behalf of the institution.

The $110,000 will be billed in thirds, $36,666, from Eastern during the first three months after the agreement was signed.

Greenwood/Asher & Associates have waived the indirect expenses for Eastern. 

Indirect expenses usually equals to 12 percent of professional fees, $13,200. 

The indirect expenses fee covers “engagement and administrative assistance.”

Another additional expense is the Greenwood/Asher & Associates expenses.

This expense will not exceed $10,000 without prior approval. 

This expense will cover Greenwood/Asher & Associates’ travel expenses, phone, video or web-based technology outreach expenses, faxes, postage, copies of reports, supplies and other costs which apply.

An undetermined additional expense for Eastern are client expenses. Client expenses are any additional expenses not included in any other Greenwood/Asher & Associates fees and expenses.

Client expenses can include a variety of additional fees and expenses including but not limited to:

  • Candidate travel
  • Candidate background work (includes leadership assessment)
  • Mintz Group (a company who provides verification, building security, emergency preparedness, asset tracing, computer forensics and investigations services)
  • Any other third party vendor besides Mintz Group
  • Degree and education verification
  • Advertising
  • Online research for newspaper headlines and articles
  • Services of private investigator for extensive background checks

This fee also includes Greenwood/Asher & Associates normal third party background checks on three to five candidates, which is included in the client expenses fee.

The indirect expenses, Greenwood/Asher & Associates expenses and client expenses, will be billed to Eastern on a monthly invoice.

Greenwood/Asher & Associates are responsible for the effort to present the best possible candidates.

However, the contract states Greenwood/Asher & Associates are not responsible for the guaranteed performance of the chosen candidate, nor are they directly or indirectly liable for any acts or omissions by candidates referred to Eastern.

Greenwood/Asher & Associates agree to provide equal opportunity for all candidates without discriminating qualified candidates based on race, gender, sexual perference or identity, religion, national origin or disability.

If the candidate chosen to be Eastern’s new president is terminated within a year for reasons that should have been identified by Greenwood/Asher $ Associates, the company agrees to conduct a replacement search.

A replacement search will still have monthly invoices for Eastern and will only occur if Eastern’s receivables are current.

Receivables are any time money is owed to a firm for services rendered or products provided that have not yet been paid.

The agreement and payments to Greenwood/Asher & Associates will be completed once Eastern provides the selected candidate to be Eastern’s new president’s contract or letter of offer.

 

Madelyn Kidd can be reached at 581-2812 or at [email protected]