8:03am

Fri October 14, 2011
Education

UL President Gets Contract Extension

The University of Louisville Board of Trustees continues to be impressed by President James Ramsey as a contract extension through 2020 was approved Thursday. It’s no surprise the board wants to keep Ramsey whose contract is scheduled to expire next summer. Earlier this year the panel praised him for meeting all the university’s goals and for increasing the foundation’s campaign goal to $1 billion.

The praise continued at the board meeting and Ramsey was happy to accept the new offer, adding several years to his contract, said Bob Hughes, board of trustees’ vice-chair. Data was presented to the board that proves Ramsey’s success, he said. Graduation rates, degrees and endowments have all had strong increases since 1998 (see chart).

“The people that serve on this board is a collection of individuals from across the state all with their individual talents. And we come in and we see the metrics and we measure the man’s work—the body of his work and, I’ve been on the board six years, it’s been impressive,” he said.

Hughes will help decide a compensation package as chair of the compensation committee. Any new agreement will be voted on by the full board.

The board recommended Ramsey receive both a raise and bonus earlier this year. Ramsey donated the bonus back to the school.