UMass chancellor to receive $375K salary

July 3, 2008 05:05 PM Email| Comments (0)| Text size – +

By Peter Schworm, Globe Staff

The incoming chancellor of the University of Massachusetts at Amherst, Robert C. Holub, has signed a three-year contract that will pay him $375,000 annually, university officials announced today.

Robert C. Holub

The university will also place an additional $26,000 into an investment fund of his choice. Fringe benefits include the free use of a leased car and $8,000 for the cost of life or disability insurance. Under the deal, Holub would be guaranteed at least half his salary if he decided to step down as chancellor and take a faculty position at the university.

His salary is well below the median for presidents and chancellors at major research universities, UMass officials said. Holub, now the chief academic officer at the University of Tennessee, will take over as chancellor early next month.

"Chancellor Holub’s compensation clearly is in line with the compensation being provided to chief executive officers at comparable institutions nationwide. We are delighted to welcome Robert Holub to the University of Massachusetts and look forward to the leadership he will provide and the many successes he will engender in the years ahead," University President Jack M. Wilson said in a statement.