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Ann Arbor – University of Michigan President Mark Schlissel was granted a five-year contract extension and a 3.5 percent raise by the school's Board of Regents at a meeting Thursday.

Schlissel, 60, became UM's 14th president in July 2014. The increase, the same percentage he was given a year ago, boosts his base salary to $852,346.

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“The university, by all important measures, is doing exceedingly well under his leadership,” said Regent Andrew Richner, chairman of the board.

Schlissel is in his fifth academic year of a five-year contract under which he was hired.

kkozlowski@detroitnews.com

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