AMES, Iowa (AP) — The Iowa Board of Regents awarded pay raises to two university presidents Wednesday, while also signaling support for an unprecedented mid-year tuition increase.
The board gave Iowa State University President Steven Leath a 5 percent increase, a sign of continued happiness with his job performance that will bump his base salary to $525,000. The board also approved a five-year deferred compensation plan for Leath that will pay him $125,000 annually through 2020.
Regents approved a smaller raise of 2.5 percent for University of Northern Iowa President William Ruud, pushing his base salary to $357,000. Ruud will also receive a two-year deferred compensation plan worth $150,000.
The regents are searching for a new University of Iowa president to replace retiring Sally Mason and are expected to make a hiring decision Sept. 4. Leath’s salary is now in line with what Mason made.
Also Wednesday, the board gave initial consideration to a plan to raise tuition by $100 on resident undergraduate students in the spring semester. No regent raised an objection, and a final vote is scheduled for next month.
The board last year voted to freeze rates for resident undergraduate students for a third straight year. But after Gov. Terry Branstad vetoed $6.2 million in funding last month for the universities, the board’s staff recommended keeping the freeze for the fall and imposing a 3 percent tuition hike for the spring.