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Education

Incoming University Of Texas President Declines $1M Salary

gregory_fenves.jpg
UT Austin
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AUSTIN — Documents say the incoming president of the University of Texas at Austin declined the school’s offer of a $1 million salary.

The Austin American-Statesman reports that in an email, Gregory Fenves warned that a million-dollar salary would prompt widespread negative attention from students and faculty because of budget constraints seen in the last five years.

The newspaper obtained the documents through an open-records request.

Fenves will receive his requested base salary of $750,000 a year. He also requested that his annual bonus, which is dependent on a performance evaluation, be capped at 10 percent of his base salary rather than the 12 percent listed in a proposed term sheet that was earlier presented to him.

The UT System Board of Regents is expected to formally approve Fenves’ compensation package Thursday. Fenves will assume office June 3.