The University of Washington Board of Regents today (April 13) approved an employment contract with Dr. Mark Emmert, Louisiana State University chancellor who will become the president of the University of Washington, effective June 14, 2004.
Emmert will receive an annual salary of $470,000. In addition, deferred compensation of $120,000 will be credited to him annually for five years, beginning June 14, 2004. Emmert will not be entitled to any of that money until he has completed five years of service.
The funds for Emmert’s compensation come from two sources: 36 percent ($215,000) from state general fund dollars, and 64 percent ($375,000) from other University funds, including interest income, administrative overhead revenues, student tuition, and miscellaneous fees. No private gift funds or other private money is included in Emmert’s compensation.
“I am very pleased with the compensation package we have finalized with Dr. Emmert,” said board president Gerald Grinstein. “The discussions went smoothly. Mark is focused on doing the job, and we agreed on a compensation package comparable to what he is making now. The board has very successfully and happily brought to conclusion its most significant responsibility–that of selecting a new president to lead this great University to an ever more excellent future.”
The president will receive a one-time relocation incentive payment of $160,000. He also will receive an automobile allowance of $1,000 a month and will be reimbursed for moving expenses, as provided under University policy.
The president is required to live in the University-owned residence in the Madison Park neighborhood of Seattle. He will be a tenured faculty member with the rank of professor in the Daniel J. Evans School of Public Affairs.
The contract also provides four weeks’ paid vacation between the end of Emmert’s LSU appointment and the start of his UW service. His actual first day at his office will be July 12.
Under the terms of his contract, the president serves at the pleasure of the Board of Regents.
Emmert’s total compensation as chancellor of LSU is $590,000. This includes $100,000 annually in deferred compensation.