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VCU board OKs $50,000 bonus for president

Thursday - 9/26/2013, 8:28am  ET

RICHMOND, Va. (AP) -- Virginia Commonwealth University's board of visitors has approved a $50,000 bonus for President Michael Rao.

The bonus is for meeting performance goals that the board set in 2012. These goals include improvements in VCU's six-year graduation rate and increases in the number of full-time faculty.

VCU Rector William M. Ginther tells the Richmond Times-Dispatch (http://bit.ly/1beitRQ ) that a board compensation committee also is recommending a 3 percent pay hike for Rao. The proposal would raise Rao's base pay to $503,155.

If approved, the raise would be retroactive to July 25.

VCU board member Robert D. Holsworth says he believes the criteria used for the performance goals were too narrow. He also says there wasn't enough feedback from stakeholders such as faculty and staff, who've received marginal pay increases in recent years.

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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


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