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Michigan president’s new contract is one of the most lucrative in history

Michigan president’s new contract is one of the most lucrative in history

University of Michigan President Santa Ono now has one of the most lucrative deals in history for a public higher education leader, with compensation exceeding $2 million a year. The Detroit News reported.

That number will also increase in the future.

Ono’s contract, which was extended in October, has a base salary of $1.3 million, which is equivalent to a 26 percent raise, as well as an annual bonus of $400,000, and deferred compensation for both his previous contract and the new agreement is valued at $800,000. one year.

The new deal extends Ono’s contract through 2032, when he could earn nearly $3 million a year, depending on annual performance bonuses and other benefits, experts told the newspaper.

When he started in 2022, Ono’s base salary was $975,000 per year.

University officials told the newspaper that Ono’s salary was justified. “The University of Michigan is one of the world’s leading universities,” said Board of Trustees Chairman Mark Bernstein. “It is one of the most complex institutions in the country, and to retain a president who can lead effectively, we need compensation that will keep him at our university.”