Michael Young will earn more than twice as much as his predecessor when he takes over as the new president of Texas A&M University in College Station.
The Bryan-College Station Eagle reports that the System Board of Regents voted Monday to hire Young, and pay him $1 million annually as part of his five-year contract. The new president will receive a yearly $200,000 housing allowance and an $800,000 signing bonus.
Young will also be eligible to receive up to four $100,000 performance bonuses at the discretion of the school's chancellor, John Sharp.
Young completed his three-year tenure as president of the University of Washington last week, where he was paid $853,000 annually.
Sharp gave hints about Young's salary when he said at a Feb. 3 regents meeting that "his salary will not compare to the last president's salary because this president does not compare to the last president."
After Monday's meeting, Regent Chairman Phil Adams said the contract for the president-to-be was appropriate because as he described Young as "one of the great sitting presidents in all of the country."
"I know it's a lot more than we've paid a president, but he will be outstanding on the job and well worth it ... we've got somebody that's at the very top of the game," Adams said.
