Texas A&M University System Chancellor John Sharp wasn't kidding last month when he said incoming president Michael Young's salary won't compare to that of his predecessor's: Turns out it's more than twice the amount.
Young will be paid $1 million annually, receive a yearly $200,000 housing allowance and be given $800,000 up front for signing on with Texas A&M, according to the proposed contract that officials said is "close to being signed."
The System Board of Regents confirmed Young as the flagship school's president during a telephonic meeting Monday, unanimously voting to hire Young and pay him more than any other A&M president has earned. The five-year contract starts May 1.
Following the meeting, The Eagle learned of Young's compensation package, which includes being eligible for up to four $100,000 performance bonuses at the discretion of Chancellor John Sharp.
Officials said Sharp will consider how Young does with commercialization gains, graduation improvements, fundraising efforts and overall performance. The university will provide Young an annual deferred compensation plan award of $200,000.
According to a post on Young's Facebook page, he finished his three-year tenure as president of the University of Washington last week, where he was paid $853,000 annually.
Sharp was true to words he spoke at a Feb. 3 regents meeting when Young was named sole finalist for the president's job. Sharp said then that "his salary will not compare to the last president's salary because this president does not compare to the last president."
R. Bowen Loftin, Young's predecessor who left A&M in January 2014 to become chancellor of the University of Missouri, was paid at least $425,000 annually. He lived in the president's house on campus, so he did not receive a housing stipend, university officials said.
After Monday's meeting, Regent Chairman Phil Adams said Young's contract is appropriate as he described the president-to-be as "one of the great sitting presidents in all of the country."
"I know it's a lot more than we've paid a president, but he will be outstanding on the job and well worth it ... we've got somebody that's at the very top of the game," Adams said.
"We're going to put good use to that property," Adams said. "I would envision it will have a lot better use and a lot more people will get to use it for a lot of different things that you couldn't use before."
Regents also confirmed three other appointments during the meeting, including:
Dr. Joyce Alexander will join Texas A&M University effective June 1 as dean of the College of Education and Human Development after serving as executive associate dean of the School of Education at Indiana University. Also effective June 1, Dr. Eli Jones will become dean of the Mays Business School after serving as professor and dean of the Walton College of Business. Finally, Dr. Bruce Akey will take over as director of the Texas A&M Veterinary Medical Diagnostic Laboratory effective immediately. Akey was named sole finalist for the position by regents in February after serving as interim director since 2014.