(a)
(1) The Director of the Arkansas Economic Development Commission shall be appointed by the Governor subject to confirmation by the Senate.
(2) The director shall serve at the pleasure of the Governor.
(3) The director shall report to the Secretary of the Department of Commerce.
(b) The director shall:
(1) Have the experience necessary to lead the Arkansas Economic Development Commission as determined by the Secretary of the Department of Commerce;
(2) Be custodian of all property held in the name of the commission; and
(3) Be the ex officio disbursing agent of all funds available for the commission's use.