The foundation shall appoint an executive director who shall serve at the pleasure of the foundation, and be qualified by reason of education, training, experience, and demonstrated ability to fill such position. The executive director shall exercise the following powers and duties in addition to all other powers and duties inherent in the position or delegated or imposed by the foundation:
(1) Be a nonvoting member of the foundation and secretary thereto.
(2) Be the administrative officer of the foundation.
(3) Suggest such rules as may be necessary for the efficient operation of his office.