WEST LAFAYETTE, Ind. (WLFI) - Purdue University President Mitch Daniels will have five new goals to meet if he wants his full $126,000 in at-risk performance pay.
Friday, the Board of Trustees approved the performance pay metrics that will determine how much of that at-risk pay Daniels could earn.
The five goals include student affordability, graduation rates, two committees for student success and university academic excellence, and fundraising. They will be weighted as follows:
- Student affordability - 25%
- Graduation rates - 25%
- Student success - 10%
- University academic excellence -10%
- Fundraising - 30 %
The trustees will annually evaluate Daniels to see how much of his at-risk pay he might receive. Initially, the trustees offered Daniels a salary of $555,000. He wanted that lowered to $546,000 with 30 percent, or $126,000, be at-risk based on his performance.
Trustee Michael Berghoff said within each of the five categories, there will be metrics the board will review to determine how Daniels is doing. He said for student affordability, they'll have some help.
"There's an affordability index that's a published index that you can refer to. We'll look at that to see how we're doing compared to others before the board determines how much of his at-risk pay gets awarded," said Berghoff.
The fixed portion of his pay will remain at $420,000. The maximum Daniels can make is $546,000 and is still less than previous president France Cordova. Cordova made $550,000 in her final year. The trustees mentioned that Daniels' base salary ranks ninth among base salaries for Big Ten public university presidents.
In other news, the trustees approved a supplement retirement plan for head football coach Darrell Hazell. They also approved a $79 million Active Learning Center and $70 million worth of renovations for several engineering buildings.
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