Friday, April 30, 2004
NMU BOARD APPROVES CONTRACT FOR NEW PRESIDENT
MARQUETTE Ã‚– The Northern Michigan University Board of Trustees has approved a three-year contract for incoming President Les Wong, effective July 1.
The compensation for the first year includes the following: $150,000 in base salary; $35,000 in deferred compensation, which is contingent upon successfully completing the entire contract period; and a potential to earn $5,000 in incentive compensation awarded at the discretion of the board for exceeding expectations in overall performance and the ability to meet goals.
The base salary and incentive compensation will increase to $160,000 and $10,000, respectively, in the second year; and to $170,000 and $15,000 in the final year of the contract. There will be no change in the amount of annual deferred compensation.
Ã‚“The executive committee was happy to be able to present a fair and appropriate contract to the full board for approval,Ã‚” said Scott Holman, chair of the executive committee. Ã‚“It is designed to be competitive for a president we are very excited about having on board and it fits the current fiscal circumstances and goals of the university.Ã‚”
Wong said, Ã‚“I am pleased that this step in the appointment process is completed. It is far more important to focus on the opportunities that lie ahead. I am looking forward to being in Marquette and joining the NMU community full time. July cannot come soon enough for me.Ã‚”
Mary Campbell, chair of the NMU Board of Trustees, recognized Interim President Mike Roy for his effective leadership during the transition period.
Ã‚“I also want to commend the Presidential Search Advisory Committee, chaired by Sam Benedict, for its excellent groundwork in reviewing applications, conducting preliminary interviews and recommending finalists for the position,Ã‚” Campbell added. Ã‚“We are extremely fortunate to have Dr. Wong as NorthernÃ‚’s next president.Ã‚”
The executive committee of the NMU board evaluates the president on an annual basis.
Prepared by Kristi Evans.
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