The Florida Polytechnic University Board of Trustees on Thursday approved a contract for Devin Stephenson to become the school’s second president, succeeding outgoing leader Randy Avent.
Stephenson has been president of Northwest Florida State College for eight years.
The Florida Poly trustees selected Stephenson as the university’s new leader April 15 but needed to finalize a contract. The three-year contract includes a $490,000 base salary.
Stephenson is slated to begin as president July 7, the day after Avent steps down. Avent, after a planned sabbatical, is expected to return to Florida Poly to join the school’s faculty.
Stephenson’s contract also will require that trustees review his salary each year for increases of at least 3.5 percent. Stephenson also will be eligible for performance-based bonuses of up to 30 percent of his salary each year. Stephenson also is in line to receive $30,000 for moving, relocation and travel expenses, a $7,000 monthly housing allowance and a $1,200 monthly vehicle allowance.
Stephenson’s appointment remains subject to approval by the state university system’s Board of Governors.
Meanwhile, Northwest Florida State College is preparing to begin a search for a new president.
Lori Kelley, chairwoman of the Northwest Florida State College Board of Trustees, wrote in an April 15 statement that details “regarding the search process for his (Stephenson’s) successor at Northwest Florida State College will be shared in due course from the Board of Trustees.” Kelley also wrote that Stephenson’s leadership “profoundly impacted” the college.
