Purdue’s Board of Trustees is set to finalize contracts for the university’s next president and football coach.
The Compensation Committee agreed to pay Mitch Daniels $420,000 annually.
Trustees chairman Keith Krach says the contract is performance-based.
“We will decide all of those (benchmarks) by June," he said. "From a directional standpoint it's along the lines student success, graduation rates, faculty excellence, philanthropic development those types of things.”
Daniels' deal runs from January 15, 2013 through June 30, 2018. He also can receive incentives of up to 30-percent of his base salary.
"As far as we can tell, there is no other university out there that has that level of incentives and compensation at risk," said Krach. "I think the message it sends is that we are going to lead by example. We are not going to be afraid to think outside of the box."
The committee also set terms for football coach Darrell Hazell’s contract.
He will receive $2-million a year through December 31st, 2018. The university also will buyout his Kent State contract for $725,000 and give Hazell $2.1-million to hire assistant coaches.
"We think we have just a fantastic coach. That's the market out there and we are absolutelythrilled to have him," said Krach. "We knew we would have to have compensation in that range, so we are really happy with how it turned out."
The Board of Trustees is scheduled to ratify the contracts, Saturday.