ANN ARBOR, MI – Kent Syverud will be one of a handful of University of Michigan employees making at least $2 million.
The president-elect, ratified on Jan. 12 at the Board of Regents meeting in Ann Arbor, will make a base salary of $2 million starting on July 1, according to his contract provided to MLive/The Ann Arbor News.
This contract lasts five years until June 30, 2031.
Syverud is replacing interim president Domenico Grasso, who took over for former UM President Santa Ono last summer. Ono, now president of the Ellison Institute of Technology Global in the United Kingdom, left with a $1.3 million salary.
Syverud, who is finishing his term as chancellor of Syracuse University, will be able to make performance raises of up to 30% his base salary after his first year of employment, the contract states. That could mean a $600,000 raise in 2027.
He also gets a car for business and personal use, tickets to sporting events and a membership at a club to conduct presidential business, the contract states.
Benefits include his enrollment in the university retirement plan, where his 5% contribution will be matched by the university by 10% of the maximum $360,000 salary.
He will also live at the recently renovated president’s house on South University Avenue.
He will assume a tenured faculty position, presumably at the Law School. He was on the faculty at the UM law school from 1987 to 1997. He received tenure in 1992 and became an associate dean for academic affairs in 1995.
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As long as he steps down in good standing with the university, he will get 100% of his base salary at the time for 12 months of administrative leave. When that leave is done, he will make 100% of that salary for three years more as a faculty member and fundraiser for the university.
Should he continue to work on campus after that, his base salary would be cut in half to more reflect the pay of a tenured faculty professor, the contract states.
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