FLASHBACK -- 3 YEARS AGO -- STRS & new Executive Director

Canton Repository
February 19, 2004
Retirement system names executive director
By Paul E. Kostyu
Copley Columbus Bureau chief

COLUMBUS -- The State Teachers Retirement System named Damon F. Asbury its executive director on Wednesday.

He has been interim executive director since Herbert Dyer was fired in August 2003 in the wake of numerous media reports that brought to light spending and policy lapses.

The STRS board awarded Asbury a three-year contract with an annual salary of $189,500. Robert S. Brown, the newest member of the board, and Mary Beth Foley, who represents State Auditor Betty Montgomery, opposed the contract because of its length.

Dyer’s last contract covered six and half years. The board was criticized for signing a contract with Dyer that forced it to continue paying him even after he was no longer employed. If Asbury is fired without cause, he will get paid for up to six months.

Asbury’s contract was written by the board’s attorney, who is on the staff of Attorney General Jim Petro. It ends Feb. 1, 2007. Asbury, who had been deputy executive director for administration since July 2000, becomes the system’s eighth director.

His contract differs from Dyer’s in several ways. There are no built-in bonuses, though he is eligible for a salary increase each year after a performance review. STRS eliminated the Dyer-era policy of providing cars for its executives, but Asbury can use a car from its vehicle pool for STRS business. He also gets free parking “as long as STRS provides such benefit.”

The STRS board did not conduct a national search for the position, according to Laura Ecklar, a spokeswoman for the system.

“This is not a decision we made hastily,” said Eugene E. Norris, chairman of the board. “During our reviews of Damon’s performance during the past seven months, it become clear to all the board members that Damon already met the criteria we would be looking for in a new leader.”

Asbury said he does not plan on naming anyone to his former position. Since being named interim director, Asbury reduced operating expenses, revised how bonuses are awarded and adopted new policies regarding travel, business expenses and financial disclosure.

“It is important to pay attention to the day-to-day operations of this system,” he said. “But it is equally important to focus attention on the big picture issues, such as affordable health-care coverage for retired teachers and the ability to invest our funds in the best interests of our members.”

You can reach Copley Columbus Bureau Chief Paul E. Kostyu at (614) 222-8901 or e-mail: paul.kostyu@cantonrep.com