The Florida Gulf Coast University Board of Trustees on Tuesday unanimously approved a contract for the school's newly hired president, agreeing to pay Michael Martin $350,000 a year when he begins his presidency on July 1.
The contract for Martin, who is a former chancellor of the Colorado State University system, is a departure from most university presidents' compensation plans in that he has an “at-will” agreement, meaning he can be removed immediately without cause.
The trustees added a provision on Tuesday that will require Martin to be reappointed on an annual basis by the Board of Governors, which oversees the state university system, beginning in 2020.
The contract contains several bonus provisions, including allowing him to earn up to another $100,000 annually if he performs well on his yearly review.
Additionally, if Martin remains in the job through 2022, he would also be eligible for another bonus of up to $700,000, depending on how well he executes a long-term strategic plan for the university.
The agreement also says FGCU will consult with the Board of Governors before agreeing to the strategic bonus amount, although the school reserves the right to make the final decision.
Martin, who was hired by the FGCU trustees last month, will replace Wilson Bradshaw, who is stepping down as president on June 30.
Martin's hiring is subject to approval by the Board of Governors, which is expected to review the decision at a meeting later this month in Tallahassee.