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The Michigan Tech Board of Trustees has extended President Glenn Mroz’s contract through June 30, 2018. His current contract ends on June 30, 2016. The new contract can be renewed on a year-to-year basis.
Tech Today reports that the extension follows two years of benchmarking salaries against other universities designated “high research” by the Carnegie Foundation—as Michigan Tech is—and other Michigan universities. The presidential compensation study was conducted by Aon-Hewitt, a nationally recognized human resources consulting firm.
The new agreement raises Mroz’s base salary from $315,000 to $344,000, bringing his base salary up to the lowest 25 percent of presidents at similar high-research universities.
The agreement makes Mroz eligible to participate in the university’s exemplary performance bonus program at the sole discretion of the Board, based on university progress on its recently approved strategic plan.
The new agreement also adds a housing and car allowance that AON found to be standard at most universities.
The agreement includes the University’s standard fringe benefit package as well as a $1.25 million life insurance policy while Mroz serves as President.
