UPDATE: Chamber leader leaving immediately

Apr. 05, 2013 @ 01:29 PM

UPDATED 1:30 P.M.

Tom Dayvault, the longtime president of the High Point Chamber of Commerce who was supposed to retire later this year, instead will end his service today in what the chamber board chairman called a mutual decision between Dayvault and the board.
As late as a month ago, Dayvault and board Chairman Kelly Sain told The High Point Enterprise that Dayvault was expected to stay in his post either through the end of 2013 or until months from now when his successor was chosen and in place. Instead, today Sain told the newspaper that Dayvault and the board decided that Dayvault would depart immediately so he can begin pursuing consulting opportunities.
Dayvault will continue to be paid through the end of the year because that corresponds to his official retirement date, Sain said.

Dayvault received an annual salary of $121,987 during 2010, according a chamber filing with the Internal Revenue Service. Sain said the chamber won’t comment on Dayvault’s current salary because it’s a personnel matter. As a private nonprofit, the chamber doesn’t have to release its president’s salary.

While Dayvault will no longer serve as president, he will be available as a consultant on a case-by-case basis.
“The main thing that has driven us to today is that Tom is looking to do some other things. And we just felt like it was in our best interest to go ahead and allow him to do that,” Sain said. “He’s interested in looking into some consultant work. And we really didn’t feel like his heart would be 100 percent in it. So we just mutually agreed that it was best for both parties.”
Dayvault said that the “board has said they don’t want to hold me back from other opportunities. I’m still here as a consultant to help any way I can.”
The chamber is in the midst of raising money to satisfy a $2 million loan debt for renovations and improvements to a building that was donated to the organization last decade by High Point businessman Zaki Khalifa. During a meeting in early March, chamber leaders collected funds from board members to benefit the campaign.
The chamber board made the decision to speed up Dayvault’s departure during a meeting late last month, Dayvault said.
In the interim, Sain said a team of volunteers from the local business community will help with day-to-day operations of the chamber and oversight of its staff until a new president is brought on board.
Dayvault, 64, announced his plans to retire. Feb. 27.

pjohnson@hpe.com | 888-3528