University of Louisville President James Ramsey will see his salary increase by about 25 percent next year. Ramsey’s new compensation package was announced today.
Next year, Ramsey will earn $600,000. The amount of money the state pays him will stay the same, but his salary from the U of L Foundation will increase by about 80 percent to $270,000. There are also potential bonuses each year, as well as a $500,000 retention bonus Ramsey could earn every two years until his contract expires in 2020.
Foundation Vice Chairman Burt Deutsch says the increased salary shows the foundation’s pleasure with the work Ramsey has been doing.
“We think he’s been doing a tremendous job, not just as the university president, but also as the foundation president,” he said. “He’s taken the leadership of the foundation and he has really had it so it’s hitting on all cylinders.”
Deutsch says Ramsey’s increased salary isn’t directly related to a large gift the university received earlier this week, but:
“While this particular one gift of $25 million from Owsley Frazier was not directly related to anything as far as his compensation package is concerned, certainly his role as the chief fundraiser for the university is directly related to his compensation,” he said.
Deutch says the foundation is thrilled with Ramsey’s work fundraising for the university. The U of L is in the middle of a $1 billion capital campaign.