The University of Toledo president, Dr. Lloyd Jacobs, yesterday received a two-year contract extension with a longevity bonus of $150,000 if he stays in the job through 2013.
Over the course of his now seven-year contract, he will receive $450,000 in such longevity bonuses on top of his annual pay of $392,700.
Dr. Jacobs, 67, who has been president since July, 2006, when UT merged with the former Medical College of Ohio, will serve as the university's leader through Nov. 16, 2013.
His previous contract, which would have expired June 30, 2011, already included $300,000 in longevity bonuses - $150,000 for serving through June 30 and another $150,000 for serving through June 30, 2011.
He receives 25 days of paid vacation.
Dr. Jacobs did not receive a raise as part of the extension.
"Everyone is extremely pleased with the efforts and the work product and the success we've had with Dr. Jacobs," said Rick Stansley, chairman of the UT Board of Trustees, which approved the contract extension during a special meeting.
Mr. Stansley said the board was looking for stable leadership as the university continues to merge the two institutions and implement its strategic plan.
"We're making significant progress and we are looking for some consistency to the leadership," he said.
Dr. Jacobs' contract includes a noncompete clause stating that he will not seek employment at another university during his contract term, which Mr. Stansley said shows Dr. Jacobs' commitment to the university.
Dr. Jacobs said he's "very happy" at UT, and it wasn't hard to make the commitment to stay because he "loves this work."
"I'm having a wonderful experience," he said. "I'm learning so much and having a great time."
He said he enjoys the challenges of leading a complex institution such as UT and was delighted with the board's vote of confidence in his leadership with the contract extension.
Dr. Jacobs served three years as president of the medical college, most recently called the Medical University of Ohio, before taking the reins at UT.
Prior to that, he was the chief operating officer of the University of Michigan Health System from 1997 to 2003.
- Meghan Gilbert