Washington State University’s Board of Regents voted Monday to extend President Elson Floyd’s contract until 2021.
Floyd’s annual base salary of $725,000 will remain the same, although Floyd plans to return $100,000 of his paycheck back to the university, as he has been doing since the economic downturn resulted in state cutbacks to higher education.
He is also eligible to earn $400,000 in retention incentive payments, providing he remains with the university as president through June 30, 2016.
Floyd’s current contract was to expire in June 2016, but it is re-evaluated, and often extended, every year.
Floyd has been president of the university since May 2007. He is the 34th highest-paid public university president in the nation, according to The Chronicle of Higher Education, which compiles university presidential salaries and ranks them annually.
In a statement, board chair Connie Niva said Floyd’s contract was being extended because of exemplary service to WSU and the state.