April 17, 2018
Trustees extend President Daniels’ employment agreement
WEST LAFAYETTE, Ind. – Purdue's Board of Trustees on Tuesday (April 17) approved an extension to President Mitch Daniels’ employment agreement allowing the president to serve in the role until such time either party gives one year's notice. Daniels’ initial employment agreement was extended by two years in 2015.
"President Daniels has performed so outstandingly that we seek to retain his leadership,” said Tom Spurgeon, chair of the trustees’ Compensation Committee.
Spurgeon cited Daniels' initiatives on access and affordability, investments in strategic university priorities, the launch of the State Street redevelopment and Discovery Park District, and the recent startup of Purdue University Global as examples of his leadership in key areas.
“Mitch is enhancing the reputation of Purdue nationally and worldwide through leadership and a steady stream of successful initiatives and innovations,” said Mike Berghoff, chair of the Board of Trustees. “We have set high goals for him, and every year he not only meets our expectations, but exceeds them. That kind of effort and leadership deserves to be rewarded and continued.”
Daniels said, “This assignment brings one into daily contact with brilliant, innovative faculty and some of the most serious, purposeful students anywhere. Anyone would feel fortunate to serve this great institution, and I’m deeply gratified that my performance is viewed as worthy of a longer tenure.”
When Daniels' initial employment agreement was approved in December 2012, it was innovative in several ways. It reduced his pay below that received by his predecessors and called for 30 percent of the president’s pay to be set aside as “at risk” based on reaching metrics set by the board. The at-risk percentage subsequently was increased to 50 percent, and beginning with fiscal year 2016, Daniels also had the opportunity to receive a retention payment for each year he remains president.
Daniels’ remuneration and retention incentive will continue as is under this extended employment agreement.