By Eric Stock

NORMAL – Illinois State University is looking to change the way it pays its president, based on a three-year contract extension the Board of Regents will consider Saturday.

President Larry Dietz would receive a $375,000 salary, that’s a five-percent increase from his current contract, which was extended three months due to the delayed state budget. Dietz was also given a two-percent hike in May to match the raises given to faculty and staff at the start of the year.

“I’ll argue these last three years many have been the most challenging, trying in the 150-year-plus history of Illinois State University due to the state of Illinois budge crisis,” Board of Trustees President Rocky Donahue said.

The contract also includes a new $50,000 annual performance bonus, based on performance reviews and goals set the board.

“We are actually changing the compensation model for Illinois State University and quite honestly, hopefully for higher ed in Illinois,” Donahue said.

Calling it a paradigm shift, Donahue said ISU has heard from the public ‘loud and clear’ about the costs of higher education, that’s why it’s frozen tuition and paying the president for performance.

“President Dietz, if he hits (the targets), he gets rewarded for it, if he doesn’t, he doesn’t get rewarded,” Donahue said.

Donahue noted the proposed salary is lower than other university presidents in Illinois including Northern Illinois University and Southern Illinois University.

Dietz became ISU’s 19th president in March of 2014 after heading up the school’s office for student affairs.

Eric Stock can be reached at [email protected].