Feb. 10, 2007  

DIRECTORS/OFFICERS PRESENT: 
Ted Legasey, '67, Chair; Jim Shaw, '67, President & CEO; Steve Finch, '65, Vice Chair; Bill Boisture, '67, Treasurer; Mike Christy, '63; Ed Eberhart, '68; Mike Flynn, '95; Marty France, '81; Jack Kucera, '78; Gil Mook, '67; John Moore, '78; Amber O'Grady, '96; Al Rogers, '64; Pat Rosenow, '76; Leon Smith-Harrison, '75

DIRECTORS/OFFICERS ABSENT: 
Marianne LaRivee; '80, Board Secretary; Edie Edmondson, '92

COMMITTEE MEMBERS PRESENT: 
Melissa Cunningham, '96; Dave MacGhee, '70; Rob Mishev, '99

AOG STAFF PRESENT: 
Jennifer Bateman; Deb Braun; Leslie Frank, Vice President, Finance & Human Resources; Mark Hille, '97; Gary Howe, '69, Vice President, Alumni Relations; Wayne Kellenbence, '78; Bob McAllister; Jack Mueller, '71; Dick Rauschkolb, '70, Vice President, Communications

OTHERS PRESENT Will Honea, '64; Dick Sexton, '60; George VanWagenen,'67

I. CALL TO ORDER/WELCOME AND REMARKS BY CHAIR:

The regular quarterly meeting of the Association of Graduates (AOG) Board of Directors (Board) of the United States Air Force Academy (Academy) convened at 8:00 a.m., February 10, 2007, in Doolittle Hall. Ted Legasey, Board Chair, welcomed everyone and proceeded directly to business.

II. REVIEW OF MINUTES: 

John Moore moved to approve the minutes of the October 21, 2006, quarterly Board meeting and the December 14, 2006, teleconference Board meeting; Ed Eberhart seconded the motion, and all voted in favor. 

III. PRESIDENT'S REPORT:

Jim Shaw briefed insurance coverage changes, specifically addressing the increase in liability insurance, as approved by the Board at the October Board meeting. He then reported on the recent activities and upcoming events of the AOG. He pointed out that the dedication ceremony for the Memorial Pavilion has been scheduled for the day before the May Board meeting and encouraged everyone to attend.  He also noted that the AOG will host the 2007 Joint Service Academy Association Conference in June and that the Notre Dame game will include a dinner at the National Collegiate Hall of Fame in October. Jim showed the fourteen 2007 Council for Advancement and Support of Education (CASE) awards that the AOG won. This included the first place award in the sweepstakes division, which the AOG has won in three of the last four years.

IV. COMMITTEE REPORTS:

A.  Governance: Steve Finch, Chair, said the committee would report on the 2007 Board election, committee & Board transition, and foundation proposal.

Gary Howe noted that the election rules and policies were in the board books and were posted on the website. The committee reviewed proposals from seven companies and selected Survey & Ballot Systems (SBS).  Their bid was the lowest at $15,776, plus postage, and came highly recommended. A draft of the ballot was shown and Steve said SBS was working with Gary on final edits. Mike Flynn asked if the AOG would receive weekly counts of ballots received and Gary replied that such reports would be provided. Gary addressed the election timeline including tentative dates for the final results. Ted Legasey pointed out that no election results would be received as part of these weekly updates.

Steve recognized the Communications staff for doing such a great job in promoting the upcoming election. Jim Shaw noted that six people have asked for the email addresses from the AOG database and that the information has been provided in accordance with the policy put in place by the Board. Ted remarked that he received a request from one of the candidates, Jim Wheeler, asking that the Board readdress the issue of increasing the number of elected positions from six to eight. Ted noted that the issue has been fully discussed at previous meetings and had already been decided, but asked if anyone wanted to pursue the issue further. There were no comments. Steve then discussed the timeline for the transition of the Board and committees, especially the Nominating Committee. Al Rogers said he would address that issue as part of his Nominating Committee report.

Ted again noted that Jim Wheeler had also asked that the Board readdress whether the appointed directors, Bill Boisture and Ed Eberhart, should have their terms extended to 2009. He asked if anyone wished to reopen this issue and there were no comments.

Steve then reported that as of July 1, 2007, only three committees will have chairs in place. If the incumbents are re-elected, then five committees will have chairs in place. The committee structure will not be functional until committees are reestablished by the new Board. Because of this, the committee believes that it is important to provide a more extensive board orientation. The Governance Committee recommended that the schedule surrounding the May 2007 Board meeting be extended from noon on Thursday, May 10, 2007, through 3:00 p.m., Saturday, May 12, 2007.  The committee also recommended that all newly elected directors be asked to attend this orientation and meeting. This extended schedule will enable all committee chairs to give an overview to the newly elected members specifically addressing the committee purpose; key issues; composition; and bylaws requirements. This extended schedule will also accommodate the Memorial Pavilion Dedication Ceremony to which all Board members (current & newly elected) are invited.  It was noted that since the results of the election will be announced only a week before the meeting, all candidates should be apprised of this so they can make plans in the event they are elected.

It was further recommended that several conference calls be scheduled from May through August to complete the orientation and the new Board should consider extending the schedule for the August Board Meeting as well. The specific orientation content and format will be developed by the AOG staff, Board Chair, Governance and Nominating Committee members with approval by the Board. Ted determined the sense of the Board is to proceed with the proposed extended schedules. The bylaws require Interim Board Chair nominations be presented by the Nominating Committee at the May Board meeting.

Steve reported that the bylaws/articles drafted by the Foundation Subcommittee (FSC) had been received and the Governance Committee has provided its initial comments to the Campaign Steering Committee (CSC). Both committees will work together and report to the Board at the May meeting. The Governance Committee has determined that the foundation proposal requires: 1) a change to the AOG bylaws; 2) an integrated set of bylaws for the AOG and foundation; 3) these new bylaws must be presented to and voted on by the membership.

It had been reported at an earlier meeting that the Academy desired to have the Graduate Leadership Conference (GLC) every other year. The Board discussed the possibility that the "off" year might be a good time for a "Town Hall Meeting" of all graduates. Steve noted that the Governance Committee believes that having a Town Hall Meeting in 2007 is inappropriate since the new Board will not have met and will not be prepared to answer questions.  He asked if the GLC could be scheduled for the summer of 2007 and then have Town Hall Meetings in even-numbered years. Jim Shaw replied that it is not possible to put this schedule in place because the Academy will not support having the GLC in 2007. Ed Eberhart suggested changing the name of the Town Hall Meeting to Annual Member Meeting. "Town Hall Meeting" has come to connote confrontation while an "Annual Member Meeting" implies presenting an annual report to members with questions and answers to follow. All agreed. There will be neither a GLC nor an Annual Member Meeting at the Academy this year.  Jim noted, in the future, Annual Member Meetings could also be held in locations other than the Academy.

B. Campaign Steering:  Jack Kucera, Co-Chair, said the CSC would address the status of the campaign, the Memorial Pavilion project and the foundation proposal. He first recognized the work that had been done to set up several meetings across the country to discuss the idea of a foundation, listen to member input and answer questions. These meetings have addressed how the foundation concept incorporates control of assets, stewardship of funds and the management of major gifts. He emphasized that most members don't come to these meetings understanding the role of major donor gifts and that Terry Drabant, '65, has done a good job explaining how these gifts support the Academy. Jack further pointed out that obtaining major gifts is a relationship process that takes years.  As an example, he noted that he is a donor to several foundations/organizations and he has had a relationship with the same person at each foundation for years. However, he pointed out, for each large gift already received by the AOG as part of the campaign, there is a Major Gift Officer who no longer works for the AOG. It is difficult to continue to meet campaign objectives with such turnover. He then praised the Development staff for the outstanding work that has been accomplished to date, specifically thanking Jennifer Bateman as Acting Vice President of Development. Because of the many staff departures in Development, Jim Shaw will step in as head of the Development department and Jack thanked him for his willingness to take on that additional responsibility. Jack indicated that while we have met present campaign goals, it is apparent from personal conversations and correspondence that potential major donors are increasingly uncomfortable with the future course the AOG may pursue and would be more comfortable with creating a foundation as most other universities have. Jack also noted that a foundation structure would be more familiar to professional Major Giving Officers who we are attempting to recruit. He then recommended that the CSC take the work of the FSC to date, along with feedback from the listening sessions with graduates, as well as other input from ZoomieNation, USAFAToday and direct email; produce a revised foundation concept for this Board to consider at the May meeting and recommend to the new Board for consideration; and, hopefully, gain the approval by the membership for implementation. Gil Mook opined that campaign momentum will lag and fundraising will suffer if this is not done correctly.  It was noted that most graduates do not understand fundraising and the challenge is to help them gain that understanding.  Bill Boisture offered that most members don't disagree with the idea of philanthropy and the Board needs to actively educate the membership and point out its benefits.  All agreed with the action for the CSC to move forward with the next version of the foundation proposal.

Leon Smith-Harrison asked if there were programs in place to educate the cadets about philanthropy and Jim said cadets are more aware of how the fundraising efforts of the AOG improve their lives than ever before. The recent survey reinforced that conclusion. Mike Christy asked what the major donor unrest was really about. Jack replied that major donors have received emails and seen the postings on website blogs. They are concerned about the way some vocal grads degrade the gifts that have been given and impugn the motives of the donors. Jennifer said that some candidates are sending negative email blasts to all members and the response from major donors has been to delay and perhaps permanently withhold future large gifts to the AOG.

Leon asked how the foundation structure could address the concerns of major donors. Ted Legasey said that a number of potential major donors who have communicated with him want the AOG to get past the uncertainty that has been created by the looming large turnover in Board membership.  In Ted's view this uncertainty will persist until the new Board offers assurance that the campaign will remain a priority and that campaign projects will continue. Ted added that this has become an issue of trust with many potential major donors. One concrete way for the new Board to signal its seriousness about fundraising would be to endorse the foundation concept and encourage members to vote for it.  Jim added that pledges in the amount of more than $9 million have been put on hold by potential donors because of the uncertainty. Bill said that a foundation as a properly conceived element of the AOG has the potential to connote strength and continuity. He observed that, right now, the discussions are plagued with a theme of distrust. He asked everyone to commit to standing up against this way of communicating.

Jennifer briefed the campaign progress and reported that the AOG has received the single largest gift ever given to the campaign. The $1.9 million gift came from a 1966 graduate. She also reported that this was the best quarter in the history of the campaign, with nearly $5.5 million raised. The total money raised in the campaign now stands at $36.5 million and the projection for the third quarter ending March 31, 2007, is $38 million. However, Jennifer emphasized that the donor concerns and unease previously discussed will make it more difficult to achieve continued progress. In addition, the AOG has lost a number of Major Giving Officers who are key to developing relationships with donors and prospects. Though the AOG is actively recruiting replacements, it usually takes at least a year for new development officers to become productive. This will also be a factor in a likely slowdown in new major contributions. A discussion ensued about the difference between restricted gifts and unrestricted gifts. Jennifer explained the difference and noted that stewardship of restricted gifts is different than stewardship of unrestricted gifts. All gifts receive an acknowledgement, no matter what size of gift received. The AOG and the campaign need unrestricted gifts as well as restricted ones. Mike Christy noted that gifts are audited annually by the audit firm. Bill asked that the AOG staff find ten seminal articles discussing the scope of philanthropy and post them on the website to help our members better understand philanthropy related to education institutions. Jennifer then reported on the upcoming fundraising events and activities.

Wayne "Bees" Kellenbence presented photographs of the construction of the Memorial Pavilion. The dedication ceremony is scheduled for Friday, May 11, 2007, and he encouraged everyone to attend. He further reported that the project is on budget and on schedule for completion. Ted asked for an update on the kiosk software design. Bees said he should receive it from the software company by the end of the month and would send it out to everyone electronically. Ed Eberhart asked for clarification on who would be listed in the directory. Bees replied that all deceased graduates for whom we have information will be listed regardless of their burial location. Each entry will show the "Gone But Not Forgotten" information, if available, or other obituary notices that we may have on file.

C.  Alumni Relations:  Pat Rosenow, Chair, said the committee would address the Class Advisory Senate (CAS), Member Survey report and the website.

Marty France is working on the Member Survey action items. Rob Mishev has completed a review similar to that undertaken by Carl Janssen, '68, and Rob will write a Checkpoints article as Carl did. Rob noted that, in his opinion, most of the things that graduates say they want are already available and simply needs better advertising. The survey report is posted on the website.

Gary Howe presented the new AOG Quarterly Update e-newsletter. This publication will be emailed every quarter to the Board, class/chapter presidents, class scribes and the CAS volunteers.  This e-newsletter is produced in response to survey data showing that members are unfamiliar with the scope of AOG activities and alumni support.  Although almost everything in the e-newsletter has been included in other publications, this "sound bite" communication to graduate leaders may serve to further inform members. 

Bob McAllister gave an overview of the new AOG website that went live on February 8, 2007, and he encouraged everyone to send in their feedback.  Website development is an ongoing process. The site will remain stable for 90 days. Suggested changes and additions will be collected and evaluated at the end of this period.  Quick changes, such as typographical errors, will be made immediately. Mike Flynn congratulated Bob, Gary, Matt Kleve, Kyle Davidson, Steve Spry, Eric Stassen, and the entire staff for the outstanding work that had been done to launch the new website. Mike Flynn also noted that the Register of Graduates is now online in PDF version.

Pat introduced Dick Sexton, CAS Interim President, for a progress report. Dick Sexton reported that the first meeting was held January 18, 2007, with fourteen class volunteers participating. The bylaws establish the CAS as an advisory (not legislative) body which should be an outreach arm of the AOG Board. The bylaws are intentionally vague on function and state that the CAS will operate under "procedures" approved by the Board. Before the first meeting, Dick Sexton drafted a "strawman" set of procedures to guide discussion. This draft was modified by the participants and has been given to the Alumni Relations Committee to review and further modify before it is presented to the Board at the May meeting. The Alumni Relations Committee will include a recommendation for resources in accordance with the fiscal year 2008 budget. There are currently 25 members who have been selected by their classes. Bob Munson, '73, has volunteered to contact the class presidents for those classes not currently represented to encourage participation by their class. Pat thanked Dick Sexton and the other CAS volunteers for the work being done in getting this group up and going. Pat moved to have Dick Sexton added as a member of the Alumni Relations Committee; Mike Christy seconded; all voted in favor.

D.  Finance and Investment: Bill Boisture, Chair, said the Finance Committee expressed its appreciation to Rich Abramson, '68, for his Investment Subcommittee presentation to the Finance and Campaign Steering Committees on Friday, February 9, 2007. Bill stated the members of the Investment Subcommittee have no personal interest in any of the investments made by the AOG and they intentionally do not invest AOG funds in any products associated with the firms they are employed by. Bill added the returns generated by the AOG portfolio are much higher than returns normally achieved by funds of this size; fees charged by our custodian and advisor are lower than normal for a fund of our size and complexity.  The AOG is reaping the rewards of having such skill and expertise serving on their behalf. As part of the normal budget process, the fiscal year 2008 budget will be prepared by the AOG staff for Board approval at the quarterly meeting in May.

Leslie Frank, Vice President, Finance & Human Resources, referred to the financials in the board books and pointed out that the information would be updated on the website. She then reviewed the results for the first half of the fiscal year: net income is $5.6 million ($3.8 million better than plan); revenue was $9.5 million, $3 million higher than plan, and expenses were $3.9 million,                                                                                                                                                                                               $.8 million below plan (all expense categories below budget).  She also reported that the Memorial Pavilion restricted funds now represent 81% of cost, up from 61 % when construction was approved. Ted Legasey stated there was a member question regarding legal expenses and he wanted to report that all legal costs, including approximately $50,000 spent thus far exploring the foundation proposal, through December 31, 2006, were included in reported Management General Expenses, which were about $100,000 below budget. Leslie also discussed the investment portfolio dollar summary that was presented by Mr. Abramson.  The portfolio has a total value of $31,727,660 as of December 31, 2006. This has grown from $18,952,000 in November 2003, when the management of AOG funds was moved from Bank of America to the Investment Subcommittee. Bill thanked Leslie and her staff for doing such a great job in reporting this information in a timely manner. Ted pointed out that Mr. Abramson does not recommend a quarterly update of investment results on the website; he noted that most non profits report investment results annually. However, to comport with the membership's desire for greater visibility into financial results, the Board will continue reporting quarterly.

E.  Audit: Mike Christy, Chair, reported that the committee reviewed the results of the audit as submitted by BiggsKofford for the second year. The Audit Committee members are: Barry Blackman, '65; Steve Green, '80; Rick Parsons, '66; Pat Rosenow, Glen Strebe, '87; and Leslie Frank, AOG staff representative. The audit is done on an annual basis. The audit for the year ended June 30, 2006, included an "unqualified opinion" which means that the auditors felt that the AOG books are correct in all material respects. BiggsKofford also presented their annual Management Letter which had no new findings and recognized that all findings from the prior year had been appropriately addressed. The auditors proposed no adjustment to the financial statements prepared and presented by the AOG management.  Mike Christy thanked Leslie and her staff for the outstanding work they did in preparing for this audit.

G. Graduate Dependent Scholarship: Amber O'Grady, Chair, announced the Graduate Dependent Scholarship Committee members for 2007: Carl Bang, '70; Mike Flynn, Wayne "Bees" Kellenbence; Lisa Mazur, '85; Pat McBride, '68; Mike Lipinski, '93; Don Williams, '83; and Lani Wing, AOG staff representative. Bill Boisture moved that the committee assignments be approved; Pat Rosenow seconded; all voted in favor.

Amber then reported on the recently passed Colorado Amendment 41, an anti-lobbying amendment with unintended consequences. Under this law, Colorado state and local government employees may not accept "gifts" in excess of $50. The Colorado Attorney General has ruled that this includes scholarships which their children may receive.  This may impact the scholarships given to Academy graduate dependents in Colorado if their parents are state/local government employees. The Boettcher Foundation, the largest scholarship organization in the state, has said they may have to deny scholarships to Colorado government employees and have filed suit to clarify the issue. The AOG staff will monitor the progress of this situation and the committee will report on the impact along with its report on scholarships granted in the next quarterly meeting in May.

H. Heritage & Traditions: Gil Mook, Chair, asked Bees Kellenbence to give an update of the ongoing heritage projects. Bees reported on the Falcon Statue, Mall of Heroes, Heritage Trail and the Admissions Welcome Center. He said the land lease has been approved for an additional twelve (12) acres to be used by the AOG for the Heritage Trail. The written confirmation should be submitted within the next few weeks. Jim Shaw noted the speed with which this request was processed at Air Staff shows their support. Gil thanked Bees for his diligent work with the Air Staff on all of these projects and for his great work in coordinating these projects. Gil also noted that Bees is working with the Academy to further establish criteria for adding graduates to the Mall of Heroes.

Bees reminded everyone that Friday, April 13, 2007, is the annual Founders Day Dinner and presentation of the Distinguished Graduate Awards. Approximately 5000 invitations have been sent out to the classes of the Distinguished Graduate Honorees in Colorado and other special guests.  The dinner is open to everyone, with or without an invitation, and graduates can register on-line by going to the AOG website. Ed Eberhart suggested that the May Board meeting be scheduled to coincide with Founders Day. Ted Legasey said that could be considered in the future but not this year.  Even in the future it will be difficult because Founders Day is April 1st, and the Board meeting needs to be conducted in May, especially in an election year. Al Rogers recommended doing a short digital video disc (DVD) to capture the oral history of the Distinguished Graduate Honorees and other distinguished graduate leaders. Mike Flynn offered a website for a company that produces low-cost media.

I. Nominating: Al Rogers, Chair, reviewed the Nominating Committee membership and the remaining terms. He then gave an overview of the 2006-2007 election timeline for committee nominations for Interim Board Chair and the next Board Chair. He also addressed the bylaws guidance for nominating an interim chair and presented the proposed guidance for the 2007 Interim Board Chair. The committee recommended that a Board member serve as Interim Board Chair from July 1, 2007, through the first agenda item of the August 11, 2007, Board meeting. This person should not be a potential candidate for the 2007 AOG Board Chair; have time available for AOG Board Chair responsibilities; and serve in the best interest of the AOG. Al then presented the bylaws guidance for the 2007 Board Chair and offered proposed guidance for the 2007 Board Chair candidates. The committee recommended that a director volunteering for Board Chair should be able to serve from August 11, 2007, through June 30, 2009; be prepared to present nominations for Vice Chair, Secretary and Treasurer on August 11, 2007, for approval by the AOG Board; be willing and able to offer the time necessary to meet the AOG Board Chair responsibilities; and serve in the best interest of the AOG. Ted Legasey remarked that the new bylaws allow for the possibility that the Vice Chair might be term-limited and, thus prescribes a procedure for selecting an interim chair rather than the Vice Chair automatically assuming the interim chair position.  The bylaws do not preclude the Vice Chair from becoming the Interim Board Chair. Ted asked for the sense of the Board as to the guidance put forth by the Nominating Committee. Much discussion followed and it was decided to remove the statement that the interim chair "not be a potential candidate for AOG Board Chair in the August 11, 2007, AOG Board of Directors election" from the proposed guidance. Ted further noted that while the term of the Board Chair ends on June 30, 2007, the bylaws continue the terms of all other officers of the Board until replaced. They can also be asked to continue in their positions by the new Board Chair with Board approval. Ted also identified the need for two directors (at least one elected) to be appointed by the new Board to serve on the Nominating Committee because the  terms of the current directors expire on June 30.

J. Strategic Planning & Communications: No report

K. Chief Operating Officer (COO) Search:  Mike Christy, Chair, reported that Randy Jayne, '66, personally interviewed ten candidates for the COO position; four were interviewed by the committee with two being selected as finalists. An offer was made to the candidate of choice but he declined to take the position. The committee will continue the search but will not ask Randy to continue his pro bono efforts. Mike Christy asked for recommendations and offered to do the interviews himself. Ted Legasey noted that specific candidates would be discussed in Executive Session.

V. NEW BUSINESS:

Pat Rosenow asked for further clarification of the Board's plans for the foundation proposal. Jack Kucera responded that the creation of the foundation will be passed to the newly elected Board but the CSC plans to work through some outstanding issues for the next six weeks to come up with a clear description of how the foundation would function. Mike Flynn asked if the CSC could present a timeline and plan of implementation for the newly elected Board. Jack felt that until the newly elected Board is seated and the CSC has an opportunity to discuss the possibility of a foundation, there is no need for a firm timeline and plan of implementation. Bill Boisture suggested waiting for the May Board meeting to decide on any plan of action. Steve Finch asked why, if the foundation is so critical, the Blue Ribbon Council (BRC) report and bylaws didn't include such a concept. Ted Legasey stated that the BRC did consider the idea of a foundation but determined that the concept was outside its charter. Ted described how the BRC put a detailed report before the membership before moving forward with the bylaws and a plan of implementation. He suggested the CSC do the same thing.

A discussion ensued about the affect recent board actions has had on the trust the membership has in the Board.  Specific mention was made of the proposal by the CSC to establish a foundation.  After a lengthy discussion the consensus was that the Board asked the Committee to look at establishing a foundation, the Committee enthusiastically reported back and the Board in turn initiated an orderly process to review the proposal, discuss with the membership and to leave the determination of the way forward with the soon to be elected board.

Jack noted that when he joined the CSC it was functioning similarly to a foundation board.  He said when he joined he was aware of the financial commitment that was required because one cannot ask someone else for a large gift without making a large gift first.  He noted that members of the committee have been maligned and abused by members of the graduate community who appear to be ungrateful for these contributions.  It is difficult, he said, to recruit new staff or committee members in such an environment.

Gil Mook noted that the AOG "appointed or shaped" boards of years past included a number of major donors who understood fundraising, the cultivation of major donors, and the stewardship of major gifts. In essence they functioned as a foundation board.  The new, smaller, mostly elected board makes it impossible for the AOG Board to continue to function as a foundation board and gain donor confidence, which is one of the key reasons why the AOG now needs to formalize a foundation board as an explicit part of its structure.

Bill said the AOG is going through a transition and the idea of a foundation has not yet been clearly communicated to the membership. The work of the CSC over the next six weeks is intended to more fully develop the foundation concept in the hopes that we can communicate it more clearly. Whatever the purpose or whatever the revised proposal might be, this Board has no intention of doing anything other than recommending to the newly elected Board that any proposal be taken to the membership for a vote. He stated that he wanted that on the record.

VI. ADJOURN: 

Meeting adjourned by the Board Chair at 12:00 p.m. 

VII. EXECUTIVE SESSION

Mike Christy suggested that the size of the AOG assets and the complexity of its holdings and disbursement are such that the depth in the Finance department is insufficient.  He lauded Leslie Frank for her performance and recommended that she be promoted to Chief Financial Officer (CFO) and that the AOG hire a Controller to assist her.  Jim Shaw requested that the Board endorse this proposal so he could move forward with the hiring process.  The Board concurred.

The Board discussed the disappointing results of the COO search and the need for identification of new candidates.

James A. Shaw, '67                                                   
President & CEO