November 22, 2002
WKU Board, President Agree
On New Contract
Bowling Green, Ky. - Following a very favorable review of his accomplishments during his five year tenure as president, Western Kentucky University President Gary Ransdell and the WKU Board of Regents have agreed to a new contract that includes incentives designed to keep Dr. Ransdell at Western.
"We are very pleased with the accomplishments of Western Kentucky University under the leadership of Gary Ransdell," Board Chair Lois Gray of Hardin County said. "We would like to have him serve as president as long as he wishes."
When Dr. Ransdell was hired five years ago, Gray said the board sought a "focused person with strong strategic planning skills and a strong vision that could lead the University. Specifically, we wanted the University to increase enrollment, increase contributions to help endowed chair programs, improve facilities, etc.
"Gary Ransdell has not only met, but exceeded those goals and we look forward to many more years of progress under his direction."
Dr. Ransdell said he was honored that the Board was pleased with his performance and is seeking a long-term commitment.
"With this offer from the Board, I am dedicating the rest of my career to Western," Dr. Ransdell said. "I intend to work even harder to achieve our ambitious goals and to continue the transformation toward becoming a university of national prominence which our faculty, staff, students and alumni are striving to achieve."
"This is where I want to be," he added. "There is no other university that could generate the passion and energy which I am willing to devote to Western."
The contract, which takes effect Jan. 1, 2003, includes:
· A base salary of $210,320. His current salary is $188,256.
· A deferred incentive payment plan in which 25 percent of Dr. Ransdell's base salary will be placed each year. The percentage of that fund that will be available to Dr. Ransdell increases each year until 2007. At that time 100 percent becomes available.
· A four-year contract with a one-year extension at the end of each of the initial four years.
· Additional incentives for a long-term commitment. Those include a 25 percent increase in base salary on Jan. 1, 2007 and a supplemental retirement benefit of 25 percent of his base salary for 10 years if he retires on or after Jan. 1, 2012.
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