BOWLING GREEN, Ky. (AP) - Western Kentucky University has given its president a series of four-year contract extensions that could keep him at the school through 2022.
The contract extensions take effect if Gary Ransdell receives good reviews for his performance. The university's Board of Regents approved the contract extensions on Friday.
"It's imperative for him to be on board with the transformations taking place on this campus," Regent Yevette Haskins said.
Ransdell, who became university president in 1997, will get a 15 percent increase to his $351,561 in 2012 and another 10 percent increase in 2017, as well as annual adjustments.
Ransdell will also receive other incentives: the WKU Foundation has established a non-qualified, deferred compensation trust for Ransdell. The trust, through the College Heights Foundation, will be funded by annual $50,000 payments from the WKU Foundation, which now pays Ransdell $25,000 annually. University officials said that and an additional $25,000 will be redirected to the trust.
The university will also pay $5,000 a year in long-term health care insurance for Ransdell and his wife, Julie.