The Minnesota State Colleges and Universities announced that the Board of Trustees has entered into a second three-year contract with Chancellor Steven Rosenstone.
Rosenstone, whose current contract is set to expire on July 31st, has agreed to serve through July 31st, 2017.
Board Chair Clarence Hightower said the board unanimously authorized him to negotiate the new contract.
As a condition for entering into the new contract, Rosenstone, who has been serving as chancellor of MnSCU while on an unpaid leave of absence from his tenured faculty appointment as a University of Minnesota faculty member, will resign from the University of Minnesota by August 1st, 2014.
In addition, the performance achievement award (up to $50,000) is eliminated in the second agreement.
Under the new agreement, Rosenstone's base salary for FY 2014-15 is set at $387,250. This represents a base salary increase of 1.8% over his 2012-13 salary, and a salary increase of 1.8% in 2014-15.
The new agreement also creates a Performance Review Committee led by the board chair to evaluate the chancellor's performance.