At a special meeting today (May 2), the University of Washington Board of Regents approved a five-year contract for new president-designate Michael K. Young.
Youngs annual salary will be $550,000. His annual compensation includes $46,500 in retirement benefits and a $12,000 automobile allowance. Each year of the five year contract, a sum of $193,500 will be deposited into a deferred compensation account, but he will need to remain at the UW for the full length of the contract to collect the deferred sum. Total annual compensation, including the deferred amount, is $802,000.
“We believe this is a fair contract for President Young and reflects both the competitive marketplace for presidents of major research universities, as well as the current economic conditions the State of Washington is facing,” said board chair Herb Simon. “The contract is based on performance and duration, with an incentive for President Young to serve the full five-year term. We look forward to his arrival July 1. We are very confident in his leadership and in the future of the university.”
Like all UW presidents before him since the 1940s, Young will be required to reside at Hill-Crest, the universitys presidents residence gifted to the university by the Walker-Ames estate in 1939 and used for many university functions.
Young will have a tenured appointment in the UW School of Law.