CHICAGO—The U.S. Olympic Committee will begin interviewing search firms next month to assist in hiring a permanent chief executive officer, and hopes to be talking with prospective candidates by the end of the year.
Stephanie Streeter has been acting CEO since March, when Jim Scherr was dumped in a messy move that put the federation in damage-control mode. Doing a national search was a concession to leaders of the Olympic sport federations, some of whom were unhappy with the way the transition occurred.
“We’ve consistently said we’re going to initiate (the search) in Q4, and we’re going to live up to that commitment,” chairman Larry Probst said Thursday after the USOC board meeting. “I would suspect before the end of the fourth quarter we’re into the interview process and moving along rapidly and productively.”
Streeter will be a candidate for the permanent job. She’ll continue as acting CEO at least through the Vancouver Olympics.
Internal disputes and tension with the International Olympic Committee have made for a rough start for Streeter and Probst, who replaced Peter Ueberroth almost a year ago. But the USOC has temporarily tabled problems that threatened to harm Chicago’s bid for the 2016 Games, and is making progress on improving relationships with disgruntled leaders of the various Olympic sports and their national governing bodies (NGBs).
That’s allowed them to refocus on big-picture objectives—things like wooing new sponsors and preparing athletes—and begin planning for the USOC’s long-term future.
“It’s complicated—more complicated than I would have imagined,” Probst said. “There are lots of different moving parts, lots of history, lots of relationships that develop over time. It’s hard work, it’s more time consuming than I would have imagined and more travel than I would have imagined.
“But it’s also very interesting and gratifying when you can do some good for the movement.”
Streeter plans to make a presentation on long-term strategy at the next board meeting in December, and the use of federal money could be part of the discussion.
Unlike other Olympic committees, which receive funding from their federal governments, the USOC has long prided itself on the fact it does not get any direct funding. Instead, it supports itself—and its athletes—with the money it gets from domestic sponsorship deals and its share of IOC revenues.
But the USOC and IOC have a long-running dispute about revenue sharing, with some IOC members adamant that the U.S. share be reduced, and federal money would be one way to make up for any loss. Negotiations have been tabled until after the 2016 vote so as not to affect Chicago’s bid.
Probst stressed, however, that just because the USOC examines the idea of federal funding doesn’t mean it’s asking the government to break out its checkbook.
“Please don’t interpret that to mean we will seek government funding,” he said. “That’s something that will be evaluated as part of a multiyear, long-term strategic plan.”
Streeter already has started talking with the NGBs about their long-term wants and needs. She’s worked hard to repair relationships with the NGBs, even offering an olive branch in her keynote speech to the Olympic assembly on Wednesday by saying how much she respects the work they do.
“The network for sure, and then I think I made the mistake of focusing internally too much in the beginning and not necessarily reaching out to the NGBs and the (athlete councils) as soon as I might have. Those would be the two things that kind of stand out,” Streeter said when asked about her greatest challenges in the early going.
One thing that hasn’t been a challenge is her temporary status. Streeter and her husband have twins who are toddlers, and they made the move from Wisconsin to Colorado Springs, Colo.—all for a job that might not be hers in a few months.
“I don’t know any way to do things other than all-in so no, it doesn’t bother me at all,” Streeter said. “I’m focused on doing my job to the best of my ability and with everything I’ve got. The board asked me to step in and do the job in a certain way, and I’m doing it.”
Streeter’s pay package could be worth more than $1 million a year, a figure that raised some eyebrows in the tough economy. But Probst has said she earns every penny of it, and the matter only came up in general terms Thursday. With a search for a permanent CEO about to begin, Probst said there was talk in the compensation committee about future strategy.
“We’re probably going to engage some people from larger, sophisticated companies that have a lot of experience in executive compensation to help with that discussion and review,” he said.
