(1) The president of Enterprise Florida, Inc., shall be appointed by the board of directors and shall serve at the pleasure of the Governor. The board of directors shall establish and adjust the compensation of the president. The president is the chief administrative and operational officer of the board of directors and of Enterprise Florida, Inc., and shall direct and supervise the administrative affairs of the board of directors and any other boards of Enterprise Florida, Inc. The board of directors may delegate to its president those powers and responsibilities it deems appropriate, except for the appointment of a president.
(2) The board of directors may establish an executive committee consisting of the chairperson or a designee, the vice chairperson, and as many additional members of the board of directors as the board deems appropriate, except that such committee must have a minimum of five members. The executive committee shall have such authority as the board of directors delegates to it, except that the board may not delegate the authority to hire or fire the president or the authority to establish or adjust the compensation paid to the president.
(3) The board of directors of Enterprise Florida, Inc., and its officers shall be responsible for the prudent use of all public and private funds and shall ensure that the use of such funds is in accordance with all applicable laws, bylaws, or contractual requirements. No employee of Enterprise Florida, Inc., may receive compensation for employment which exceeds the salary paid to the Governor, unless the board of directors and the employee have executed a contract that prescribes specific, measurable performance outcomes for the employee, the satisfaction of which provides the basis for the award of incentive payments that increase the employee’s total compensation to a level above the salary paid to the Governor.