The Board shall appoint an executive director of the Corporation. The executive director is the chief executive officer of the Corporation. Subject to this title and policies established by the Board, the executive director has the authority and responsibility for: administering the affairs of the Corporation; appointing and removing employees as necessary to carry out the purposes of this title; making grants; entering into contracts; exercising powers incident to the office of the executive director; and performing other duties that the Board prescribes. The executive director is entitled to a salary as provided in the budget of the Corporation. The executive director may be removed by a majority of the Board.