Florida Virtual School board approves CEO contract extension, sets base salary at $308,250

The Florida Virtual School Board of Trustees on Thursday approved a fourth amended employment contract for its chief executive officer and established the CEO's annual base salary at $308,250.

Board counsel presented the amendment during a special virtual meeting, explaining the fourth amendment formalizes an extension of the CEO's Deferred Retirement Option Plan (DROP) through June 30, 2026, consistent with an extension authorized by the Florida Retirement System. "I have thoroughly vetted and reviewed the fourth amended contract on behalf of the board, and I find that it's legally sound and consistent with applicable board policies, laws, and regulations," said Dr. Dagada, speaking for the board.

The amendment and the salary figure were informed by a compensation study attached to the board packet and reviewed during the meeting. The study included sector medians the board discussed: a private-sector median for similarly sized organizations of about $487,002.74 and a public K–12 median of about $418,008.46. Board members also referenced the CEO's current base salary of $283,250 while debating increases in the context of public stewardship of taxpayer funds.

After a period of discussion in which several trustees argued for different figures—ranging from modest percentage increases to a proposal near $320,000—Board member Pozzuoli moved to establish the annual base salary at $308,250. The motion was seconded and the chair called the question. The motion to adopt the fourth amended contract was approved earlier in the meeting by voice vote; the motion to set the base salary at $308,250 also carried on a subsequent voice vote, with the chair stating, "motion carries." Mr. Pozzuoli moved, "I move to establish the annual base salary in the fourth amended contract as $308,250."

During discussion trustees repeatedly emphasized the public nature of FLVS funds and the board's fiduciary duty while recognizing the CEO's contributions to both the organization’s education operations and its corporate FlexPoint business. Dr. Algaz, the CEO, thanked the board and said he would accept the board's decision. "I'm more than willing to go ahead and accept the lower number ... so we can move on," he said.

Board counsel also addressed next steps and succession planning: the counsel said the board will have proposed pathways and options available at the regular quarterly meeting on Sept. 30 and that some actions may be set for that date. "I will assure that the board has in front of it, proposed pathways, to take action on at the September 30 date," said Dr. Dagada.

The board opened the meeting to public comment but the operator confirmed there were no callers in the queue. With the contract amendment and salary established, the chair adjourned the special meeting.

Votes at a glance - Approve execution of fourth amended employment contract (form attached as Exhibit A): motion made and approved by voice vote; mover not specified in the record; seconded by Board member Huntley; outcome: approved. - Establish CEO annual base salary at $308,250 (set in fourth amended contract): motion by Mr. Pozzuoli, seconded; approved by voice vote; outcome: approved.

What happened and why it matters The board's action extends the CEO's DROP termination date from the previously set Sept. 30, 2025, to June 30, 2026, aligning employment dates with the Florida Retirement System's approval and formalizing the CEO's compensation for the extended period. Trustees balanced market comparators from the compensation study with the board's stewardship responsibilities toward public funds when settling on $308,250. The board directed staff and counsel to present succession and action options at the Sept. 30 quarterly meeting.

Provenance: meeting transcript excerpts supporting this article are recorded in the board's livestreamed special meeting packet and the transcript provided by FLVS.