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University of Michigan president Santa Ono now has one of the most lucrative deals ever for a public higher education leader, with compensation surpassing $2 million a year, The Detroit News reported.
That number is also set to climb in the future.
Ono’s contract, which was extended in October, has a base salary of $1.3 million, which amounts to a 26 percent raise, as well as an annual bonus of $400,000, and deferred compensation from both his prior contract and the new deal is valued at $800,000 a year.
The new deal extends Ono’s contract to 2032, when he could make almost $3 million a year, depending on annual performance bonuses and other perks, experts told the newspaper.
When he started in 2022, Ono’s base salary was $975,000 a year.
University officials told the newspaper Ono’s pay was justified. “The University of Michigan is one of the leading universities in the world,” Board of Trustees chair Mark Bernstein said. “It’s one of the most complex institutions in the country, and to retain a president who can effectively lead, we need compensation that keeps them at our university.”
