Posted on | August 28, 2009 | Comments Off
At its monthly meeting held today at Windward, the Board of Regents voted to approve a plan for executive compensation adjustments across the 10 campuses for fiscal years 2010 and 2011 that will save the university approximately $2 million annually.
The plan will reduce executive salaries effective Sept. 1. The salary reductions range from 6 to 10 percent based on performance evaluations for the fiscal year 2009. Executives who are eligible to retire and who commit to retire and do so on or before Dec. 30, 2009, will not be subject to the wage reductions.
The proposed executive compensation adjustments are in response to reductions and restrictions imposed by the Legislature and governor on the university’s budget totaling some $98 million in fiscal year 2010 and $100 million in fiscal year 2011. It is intended that executive salaries will be restored to their current levels effective July 1, 2011, or if the fiscal situation improves, the wage reduction may be lifted earlier by BOR approval. The salary adjustments also apply to newly hired personnel.