The following is a statement issued Friday October 18, 2019 by Suzan Thames, Chair of the UM Foundation and Wendell Weakley, UM Foundation President/CEO
Earlier today, the University of Mississippi Foundation Board of Directors met to consider the October 7, 2019 request of the Board of Trustees of the State of Mississippi Institutions of Higher Learning (IHL) to provide an annual supplement of up to $500,000 for the position of Chancellor effective October 13, 2019.
In reaching a decision on this request, the Foundation Board considered a number of important aspects relative to the request including:
- The demands and responsibilities of the Chancellor position including the oversight of an enterprise with an annual revenue budget of nearly $3 billion.
- The current market of comparable compensation for Presidents/Chancellors of peer institutions.
- The challenges faced by this position as we strive to unify our student, staff and alumni base.
- The role of this position in driving private support as we expand and improve our infrastructure in a declining environment of state support.
While there was clear disappointment expressed regarding the selection process used by the IHL, the Foundation Board separated the process from the request to increase funding for the position.
In concluding its deliberations, the Foundation Board approved the request to supplement up to $500,000 annually for the position of Chancellor. This approval is effective as of October 13, 2019.