Illinois State University’s Board of Trustees approved a new three-year contract for President Larry Dietz on Saturday, including a 7 percent raise over his last full contract and the possibility of annual bonuses.
The new contract will keep Dietz in place through June 2020. His base salary rises to $375,000, with performance bonuses of up to $50,000 possible each year. Dietz’s initial contract—signed in March 2014—included a base salary of $350,000. He was given a 2 percent raise in January.
Dietz’s contract will also provide him with a work vehicle, continued occupancy of the University Residence, a country club membership, and around $48,000 in annual contributions to his retirement accounts.
Dietz has overseen several years of record enrollment and strong fundraising at ISU since taking over in 2014 for former President Tim Flanagan, who was forced out after a brief, rocky tenure. Dietz also played a leadership role among Illinois public university presidents during the state budget impasse.
In a statement Saturday, the Board of Trustees cited Dietz’s strong track record of leadership at Illinois State and his consistently positive performance reviews as factors in his reappointment.
"Over three years, it's a little more than 2 percent per year and in my opinion, President Dietz has done a phenomenal job," Board of Trustees chairman Rocky Donahue told GLT this week.
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