GAINESVILLE - The University of Florida board of trustees approved the contract of incoming president James Bernard Machen on Friday.
Machen, 59, will become the highest-paid university president in Florida and near the top in the nation if he stays for the entire term of his five-year contract, which can be extended to eight years. He takes over the state's flagship university Jan. 5.
Machen, who earned $271,000 as president of the University of Utah, will receive a base salary of $375,000 and will be eligible for a $75,000 annual performance bonus after the first year. After three years, he will be eligible for another bonus of $210,000. If he stays five years, he will be eligible for a $225,000 retention bonus. After eight years, he will receive an additional $400,000.
Machen also will be provided a car, housing, moving expenses and tenure.
The best-paid Florida university president now is Judy Genshaft of the University of South Florida, with a $325,000 base salary.
Manny Fernandez, the UF trustees' new chairman, said he believes Machen will meet the performance goals and be an outstanding president.
"We've got a great CEO for hopefully the next eight years," said Fernandez, 57, chairman of the Gartner Group, an information technology company headquartered in Fort Myers.
The board granted retiring president Charles Young, who served for four years, the title of president emeritus.
"Once a Gator, always a Gator. Thanks for making it possible for us to become Gators for life," said Young, who previously served as chancellor at UCLA.
