The Washington State University Board of Regents meeting in Spokane on Friday voted unanimously to give President Elson S. Floyd a four-year contract extension.
The extension guarantees Floyd a job through June 30, 2016.
"It is an honor for me to serve as the university's 10th president. Our board of regents has been extremely supportive of the work being done at our university and I look forward to continuing that strong relationship," Floyd said.
No pay raises are included in the extension. Floyd's salary will remain $725,000 a year, and Floyd has said he will continue to ask for an annual $100,000 pay reduction that effectively makes his pay $625,000 annually.
Floyd still is set to receive a $500,000 retention bonus if he finishes his current contract, which runs through June 30, 2012. The extension calls for a $400,000 payment -- plus interest -- if he stays the additional four years.
"The board of regents believes that it is important, especially in this difficult financial time, to send a strong message about the continuity of leadership here at WSU," said Board Chairwoman Laura M. Jennings. "Dr. Floyd has done an outstanding job for this university and we are pleased that his tenure will continue."
WSU operates a branch campus in Richland that has seen record enrollment for the third consecutive year, with the equivalent of 1,142 full-time students attending this fall.
State Rep. Larry Haler, R-Richland, twice has introduced a bill at the Legislature that would prevent state universities from paying for presidents' bonuses with state money. The issue has failed both times.
Floyd took over as WSU president in 2007.
Total university enrollment has increased each year of Floyd's presidency, from 24,396 in fall 2007 to 25,996 this fall.
WSU faculty and researchers have achieved more than a 40 percent increase in the amount of outside research and other grant funding over the past two fiscal years and the university's academic reputation score has been on an upward trend in the most recent U.S. News and World Report rankings, a news release said.