SPOKANE – A contract extension with President Elson S. Floyd through June 30, 2016, was approved by the WSU Board of Regents at their regularly scheduled meeting at WSU Spokane.
 
“The board of regents believes that it is important, especially in this difficult financial time, to send a strong message about the continuity of leadership here at WSU,” said Chair Laura M. Jennings. “Dr. Floyd has done an outstanding job for this university and we are pleased that his tenure will continue.”
 
The financial terms of the extended contract reflect those in the previous agreement, which would have expired on June 30, 2012.
 
The contract calls for no annual pay increases above Floyd’s existing salary of $725,000 per year specified in his previous agreement. In addition, Floyd said he will continue the practice of requesting an annual pay reduction of $100,000, which he first requested in November 2008, citing financial issues facing the university. This makes his effective salary $625,000.
 
“It is an honor for me to serve as the university’s 10th president,” Floyd said. “Our board of regents has been extremely supportive of the work being done at our university and I look forward to continuing that strong relationship.”
Jennings cited growth in the university’s enrollment, research grant income, academic reputation and fundraising by the WSU Foundation among the signs of progress that the university is making under Floyd’s leadership.
 
Enrollment, ranking, fundraising
Enrollment has increased each year of Floyd’s presidency, from 24,396 in fall 2007 to 25,996 this fall. Faculty and researchers have achieved more than a 40 percent increase in the amount of outside research and other grant funding over the past two fiscal years.
 
The university’s academic reputation score has been on an upward trend in the most recent U.S. News and World Report rankings. And the foundation has recorded the three top fund-raising years in its history.
 
The contract leaves Floyd’s travel, housing and annual evaluation provisions unchanged. This agreement would allow the president to accept outside compensation for consultative or corporate board service, as long as those arrangements are consistent with WSU policies and receive prior approval from the regents.
 
Retention incentive
The agreement includes the $500,000 retention incentive payment that was in his previous contract. Floyd would receive that payment if he fulfills the initial term of his presidency and remains on the job as of June 30, 2012. Under the new agreement, the president would qualify for another retention incentive of $400,000, plus interest, on June 30, 2016, if he continues to serve as president through that date.
 
Floyd assumed the presidency of WSU in May 2007. This is his third university presidency. Before coming to WSU, he was president of the four-campus University of Missouri for four years and president of Western Michigan University in Kalamazoo for more than four years.