EUGENE, Ore. (AP) — The University of Oregon has signed its president to a new five-year contract, giving him a $60,000 per year raise.
The Register-Guard reports the university’s board approved the new contract in September for president Michael Schill, paying him an initial base annual salary of $720,000.
Schill’s tenure began in July 2015, and his previous contract was set to expire in 2020.
University trustees say they feel Schill is a president worth keeping, so they’re paying him on a similar scale to presidents at other leading research universities in the West.
The contract also includes a retention bonus of $200,000 after three years. In addition, he can earn an annual performance bonus of up to $200,000.
His new contract lasts until 2023.