Michigan Tech president gets contract extension, raise
The president of Michigan Technological University has received a two-year contract extension that includes a 9.2 percent pay increase.
The board of trustees of the Upper Peninsula school increased the base salary of President Glenn Mroz from $315,000 to $344,000 a year.
The extension means Mroz's contract will run through June 30, 2018; it had been set to expire June 30, 2016.
Michigan Tech said the extension raises Mroz's base salary up to the lowest 25 percent of presidents at similar high-research universities. The agreement makes him eligible to participate in the university's "exemplary performance" bonus program, which is tied to progress by Michigan Tech on its recently approved strategic plan.
The new agreement adds a housing and car allowance and includes a $1.25 million life insurance policy during Mroz's tenure as president.
Michigan Tech said it granted the contract extension after officials spent two years benchmarking salaries against other universities designated "high research" by the Carnegie Foundation, plus other Michigan universities.
The presidential compensation study was conducted by Aon Hewitt, a human resources consulting firm.
Mroz has been president of Michigan Tech since 2004. Before that he was dean of the university's School of Forest Resources and Environmental Science for four years. Mroz has been a faculty member at the university since 1980.