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Wed, Oct 15 2008 

Published: June 13, 2008 12:17 pm    print this story   email this story  

MSU president awarded $20,000 bonus

Citing “excellence exceeding our expectations” Morehead State University’s Board of Regents rewarded President Wayne D. Andrews with a contract extension, 5 percent salary increase and MSU’s first-ever presidential bonus – $20,000.

Board Vice Chair Jean Dorton of Paintsville, who chaired the committee which evaluated Dr. Andrews’ performance in 2007-08, made the laudatory comments about his leadership in her motion, which was approved 8-1.

“I am deeply gratified by the board’s action and the positive comments recognizing that the University overcame so many obstacles this school year to emerge with a tolerable budget, a creative tuition plan and a renewed commitment to be the best of the best,” Dr. Andrews said after the meeting.

The contract extension carries his appointment through June 30, 2012, and the pay increase raises his annual salary to $251,160 with an additional 5 percent of that figure, $12,558, being contributed to a deferred compensation plan, payable upon retirement.

Dr. Andrews became MSU’s 13th president on Jan. 1, 2005. The Regents decided last December to establish a performance bonus as a means of helping retain his services as a successful chief executive. The bonus plan actually allows a maximum of 40 percent of the base salary. This year’s bonus represents 8.4 percent of his 2007-08 base.

MSU’s budget includes $1,000 raises for full-time faculty and salaried staff members and a 50-cent per hour increase for full-time hourly staff.

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