Higher education continues to experience turbulence, including numerous Presidential transitions, and institutions are responding by seeking new Presidents who will thoughtfully and expertly navigate the challenges that lie ahead. As we gear up for the new year, the team at AGB Search is reflecting on the Presidential searches we supported in 2024. Below are some insights from these searches, as well as recommendations for institutions preparing for Presidential searches. This is the first in a two-part series.
In 2024, AGB Search partnered with 22 institutions as they conducted searches for new Presidents. These institutions, which ranged from small private colleges to large research universities, noted an array of concerns with the most prevalent being finances, enrollment, and workforce morale. The stress of financial challenges – which can be linked to enrollment downturns, declines in private giving, and the political climate – places an enormous burden on faculty and staff to perform at higher levels with less support.
Trustees are experiencing increased demand to find top leaders who will quickly relieve pressure while guiding the institution in overcoming these challenges.
In the recent presidential searches AGB Search has supported, Search Committees consistently cite five key characteristics that are essential.
Boards and institutional leaders place significant emphasis on Presidential candidates who have a proven ability to secure funding. Colleges and universities facing funding challenges are exploring solutions such as cutting programs or even considering mergers. The expectation is that an incoming President will identify new funding sources, maintain or expand existing ones, and develop long-term strategies to ensure financial sustainability. The consensus is that fundraising is no longer a skill that can be developed on the job, so it’s beneficial for individuals aspiring to a presidency to develop this competency in their current roles or through activities outside of academia.
Closely related to fundraising prowess is the ability to maximize existing financial resources. A new President will work in collaboration with the CFO to assess the institution’s current financial condition and develop a strategic vision for effectively managing resources. In turn, it is important for Boards of Trustees to be transparent about the institution's financial position and any other concerns facing the organization during the hiring process. While the President is not the CFO, they need the expertise to ask the right questions and think strategically about financial management.
In order for a candidate to be truly competitive in a Presidential search, they must have a demonstrated ability to identify and develop a long-range strategy for the institution’s future. This work cannot be done in isolation, as it is much more likely to be successful with the involvement of the Board of Trustees, the Cabinet, and other key stakeholders. The institution needs to be confident that the new President has the expertise to evaluate current conditions, assess potential challenges and opportunities, and set a course for success both in the near-term and longer-term.
Enrollment is on the minds of leadership at many institutions, particularly with the recent decline in the number of incoming first-year students in many parts of the country. This trend makes student retention even more critical, which calls for robust strategies related to student success. Demographic changes and questions about the value of college degrees also calls for leadership that can proactively consider other markets, such as non-traditional students, returning students, and learners seeking certificates and other credentials. Presidents who are well-informed about enrollment trends and can make data-focused decisions are in high demand.
Boards of Trustees and Presidential search committees increasingly indicate that while business acumen is a requirement for running the organization, leadership and emotional intelligence are imperatives for success. Presidents are charged with cultivating their team and building relationships at many different levels, both internally and externally. As morale becomes a greater concern in higher education, leaders who bring compassion and empathy to their roles have the opportunity to improve the organizational climate.
Appointing a new President is one of the most consequential actions an institution will take; thus, substantial preparation and a well-executed action plan are critical to success. Also important is stamina: In the Presidential searches AGB Search recently supported, the process took an average of about six months. Below are some tips for conducting a seamless search process.
AGB Search has supported more than 350 Presidential searches – in fact, we wrote the quintessential Complete Guide to Presidential Search for Universities and Colleges! The vast majority of institutions searching for a new President work with a search firm to ensure the process is expertly managed and executed via a set of best practices.
When considering hiring an executive search firm, evaluate the following qualities:
Consider the breadth and depth of executive searches the firm has supported and the success rate of those searches. Has the firm supported searches at similar institutions and for similar positions? Inquire about the firm’s search process as well. What strategies do they have in place to effectively support and guide a Search Committee? Ensure that the firm approaches the process as a partnership with the institution.
Assess the expertise of the Executive Search Consultants who will lead the search. Have they led similar searches at similar institutions? Another consideration is a Consultant’s experience as a leader within an institution. Many of AGB Search’s Principals and Consultants have held senior leadership positions at colleges and universities, giving them insights into the requisite skills for succeeding in the role.
Higher education is a sector with many distinctive characteristics, and each institution is its own complex entity. Consider the value in partnering with an executive search firm that has a deep understanding of higher education and recognizes the importance of discerning what makes each college or university unique.
One of the primary reasons to engage with an executive search firm is to have access to a broad and deep network of talent. Search firms should be able to generate a sizable, diverse candidate pool, which allows the institution to be selective in their hiring. In our recent Presidential searches, the average size of the candidate pool was over 60 applicants.
In the spirit of shared governance, institutions are well-served by convening a representative group of stakeholders who will collaborate on the selection of their next President. The Search Committee is responsible for collecting input from the campus community to inform the search profile, evaluating the pool of candidates, recommending the semifinalists and finalists, and keeping the campus informed at all stages of the process. A dynamic committee composed of diverse voices (our clients’ Presidential Search Committees are averaging about 15 members) ensures that multiple perspectives are considered when hiring a new President.
Read our article Effective Search Committees: The Why, Who, and How for in-depth insights into Search Committee composition and responsibilities.
When conducting an executive search, the institution’s leaders may utilize their mission, vision, and core values to serve as their north star. In a Presidential search, the Search Committee will assimilate a significant amount of information and input from stakeholders who represent a multitude of interests. The objective of the Search Committee is to discern how the input aligns with institutional values and conduct the search with that in mind. Keeping these values at the forefront of the search will also help to attract candidates who embody them.
Conducting due diligence on semi-finalists and finalists is a critical step in the search process. This research helps to ensure that unfavorable information about a candidate is uncovered sooner rather than later, alleviating the risk of a misaligned hire. One of the primary benefits of partnering with an executive search firm is their access to information, tools, and technologies that enable the most comprehensive research on candidates’ professional background and the presence of any legal or behavioral issues.
Just as the institution’s leaders are evaluating Presidential candidates in a search process, the candidates are also evaluating the institution. The first step in establishing a trusting relationship with a potential new leader is to be transparent about challenges the institution may be facing. This can be difficult, as most institutions want to offer as attractive a picture of the organization as possible to attract outstanding candidates. But candidates deserve to be fully aware of the situation they are stepping into, and there are many talented candidates who are eager to meet those challenges head on.
Upon the appointment of a new President, the institution moves into the transition stage of the process. The first twelve months of a presidency are integral to success and longevity. It is incumbent on the Board and key campus-based leaders to collaborate with the new President to ensure a smooth transition.
Elements of a transition plan include assisting the new President with settling into their new community and campus, collecting and providing preparatory information to the new leader, and building a successful Board/President relationship.
The Presidential searches which AGB Search supported in 2024 indicate that institutions are facing many of the same challenges, primarily related to finances, enrollment, and morale. These challenges warrant innovative, experienced leaders who can successfully activate their team to reinvigorate the institution. By prioritizing shared governance and thoroughness throughout the search and transition process, institutions can attract and support new Presidents who will guide them in navigating a successful path to the future.
Learn more about AGB Search's Presidents, Chancellors, and System Heads Practice.
