MnSCU Board of Trustees approves $32,000 bonus for Chancellor McCormick
Minnesota State Colleges and Universities (MnSCU) Board of Trustees today (July 22) approved a one-time performance incentive bonus of $32,500 for MnSCU Chancellor James H. McCormick — the chancellor’s base pay is $360,000 a year.
“Over the past several years, the board has moved toward a more aggressive performance pay arrangement with the chancellor, reflecting the board’s general philosophy of basing compensation on demonstrated performance and achievements,” said Trustee Ruth Grendahl, who chairs the board’s human resources committee.
“Based on his performance, I believe the board could justify awarding a higher percentage of the $50,000 performance pay incentive, but we are mindful of the economic realities facing our system and other system employees” said Grendahl in a press release.
McCormick’s contract expires on June 30, 2011.
The chancellor is 70-years-old.
University of Minnesota President Robert Bruininks earns more than McCormick.
