COLUMBIA — The UM System Board of Curators extended the university president's contract through June 2018.
UM System President Tim Wolfe's previous contract was slated to run until Feb. 15, 2015. The board voted to extend Wolfe's original contract through June 30, 2018, in a closed meeting. The contract extension was effective July 1. UM System Chief Communications Officer John Fougere declined to reveal when the closed board meeting was held.
Under the terms of the extended contract, the president's base salary of $459,000 and incentive pay of $100,000 will remain the same. However, the incentive pay is not automatic because the president has to earn it during his tenure, Fougere said. In Wolfe's previous contract, the incentive pay was based fully on the president's performance. In the new contract, 50 percent of the incentive pay is allotted to performance while the other 50 percent is based on longevity, Fougere said.
His increase in base salary for the coming year will match the average annual increase for all university employees.
Wolfe is a graduate of the MU School of Business and Rock Bridge High School who spent 20 years as an executive with IBM and later served as president of Novell Americas, a software company in Waltham, Mass.
Wolfe joined the university in February 2012 after a yearlong search was conducted to replace former president Gary Forsee, who stepped down in 2011.
Wolfe got off to a rocky start as the 23rd UM System President when he announced that the University of Missouri Press would close at the end of May 2012. The decision was met with local and national backlash, according to previous Missourian reporting. Because of the public reaction, the proposal to close the press was not carried out.
Wolfe began his Show Me Values campaign in March 2013. During the campaign tour, Wolfe traveled to communities across Missouri and spoke with students about the personal and social benefits that higher education can provide.
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