As Missouri Chancellor R. Bowen Loftin prepares for the process to hire a new athletic director, he’ll get some help from one of the world’s preeminent search firms.
Long-time athletic director Mike Alden decided he will step down on Aug. 31 after 17 years at the University of Missouri.
The St. Louis Post-Dispatch‘s Dave Matter acquired a copy of the contract between the university and Korn Ferry International and laid out the details.
According to the terms of the contract, Korn Ferry’s fees are non-contingent and nonrefundable and are equal to one-third of the total first year’s estimated compensation for the AD position Missouri fills, which includes base salary, estimated or guaranteed incentive bonus, sign-on bonus and equity compensation. The parties agreed to an initial retainer fee of $75,000, to be billed in three installments. After the search, the parties will reconcile any outstanding fees. The firm is also reimbursed for all administrative support and research services, which are billed at 8 percent. The firm’s final fee, including all fees, will be capped at $200,000, according to the contract.
Korn Ferry’s Global Sports Practice recently helped in the hires of Jim Harbaugh to Michigan, Jim McElwain to Florida and Dan Quinn to the Atlanta Falcons.
According to Matter, some of the potential candidates for the position are Houston athletic director Mack Rhoades, Texas A&M senior associate athletic director Jason Cook, Ole Miss athletic director Ross Bjork, Virginia Tech athletic director Whit Babcock and Missouri deputy athletic director Doug Gillin.