The Board of Trustees approved a pay increase for Penn State President Rodney Erickson as part of a protocol that includes an evaluation one year after Erickson assumed his role as president.
The increase will raise Erickson’s salary from $515,000 to $600,000, according to a press release issued via Penn State Live.
Erickson’s new salary will now put him in the 50th percentile of base salaries for presidents from institutions similar to Penn State. The increase is performance-based because Erickson’s contract is concerned with salary and a benefits package only.
The salary increase comes after the board conducted an annual performance review that focused on factors such as leadership, planning and resource development, and management of financial resources. The discussion to increase the president’s salary has been under consideration since the summer, said Trustee Anthony Lubrano.
The board recently finalized the discussion to give Erickson an $85,000 raise.
“The entire board had a general discussion in November,” Lubrano said.
Erickson, although a voting member of the Board of Trustees, was not present at the discussion in November, Lubrano said.
Lubrano said that there was no formal vote taken on the salary increase. He said that he was made aware of the increase today.
Although there was no formal vote, Board of Trustees Chairwoman Karen Peetz issued a statement in support of Erickson and the increased salary.
“It is imperative that we have a strong, effective leader to ensure our future excellence. Rod Erickson is that leader,” Peetz said in a press release.
Peetz could not be reached for comment.