The board of the WVU Foundation has decided not to renew the contract of president and CEO Wayne King.
Board chairman Bob Reynolds told MetroNews Friday the board has been talking with King for several months about his contract, which ends June 30, and came to a mutual agreement.
King, who has directed WVU’s private fundraising arm since 2007, has had no comment. He told his staff about the move Thursday.
Reynolds says King has agreed to stay on until Dec. 31 to allow the board to conduct a national search.
“That will give us some overlap,” Reynolds said.
The WVU Foundation is the middle of a capital campaign. The ‘State of Minds’ campaign is the largest in the university’s history. The goal is to raise $750 million. Reynolds says there’s two and a half years left.
“Getting across the finish line is the hardest part in these campaigns,” Reynolds said. “The low hanging fruit has already been picked.”
Reynolds says it was a number of things that led to the decision. He says King is 66; his contract is running out and the aforementioned campaign.
“The timing just worked out this way,” Reynolds said.