Oregon State University President Ed Ray’s paycheck will be a little fatter this year.
The OSU Board of Trustees on Friday unanimously approved a 9 percent raise for Ray, boosting his annual salary from $485,082 to $528,739. It was his first pay increase in two years.
Ray, who has led Oregon State since 2003, also received a 9 percent bump in benefits and supplemental retirement pay, lifting his total compensation to $794,416 a year.
Board Chairwoman Pat Reser, who also heads the Executive and Audit Committee, cited Ray’s “exceptional performance” in recommending the increase.
Roughly 56 percent of the president’s salary is paid by the university, with the rest coming from the OSU Foundation, the institution’s private fundraising arm.
The independent board of trustees, which took over supervision of OSU from the Oregon State Board of Higher Education on July 1, also voted to establish a set of formal criteria for annual performance reviews of the president.
“They’ll work over the next several months to develop those,” said university spokesman Steve Clark, OSU’s vice president for marketing and university relations.
Clark said the criteria most likely would be based on a set of 10 goals for the coming year that Ray presented to the board. Those include capping off the Campaign for OSU at the end of this year at more than $1 billion; improving student retention, achievement and graduation rates; and further diversifying and internationalizing faculty, staff and students at OSU.