Updated

Texas President Bill Powers has announced a seven-member advisory panel to help the school's search for a new men's athletic director, including two members of the board of regents.

Texas must replace longtime athletic director DeLoss Dodds, who is retiring in 2014 after 32 years. Texas has the nation's richest athletic department with an annual budget of nearly $170 million.

The advisory group includes regents Steve Hicks and Robert Stillwell, who are the board's designated athletics liaisons. The group also includes former board member Robert Rowling and former U.S. Ambassador to Switzerland and Liechtenstein Pamela Willeford.

Dodds is under contract until Aug. 31, 2014, but Powers has said he'd like to hire his replacement in a couple of months.