ROANOKE (AP) — The compensation package for Virginia Tech’s new president includes a $500,000 base salary and $180,000 in deferred compensation annually.
Timothy Sands’ contract also includes a $20,000 vehicle allowance and standard university benefits such as health coverage, leave and vacation. Sands also will be eligible for an annual bonus.
Virginia Tech spokesman Larry Hincker released the contract on Monday, The Roanoke Times reported.
Sands, 55, was named the university’s 16th president last Friday. He takes over June 1, 2014, for Charles Steger, who is retiring.
Hincker told the newspaper that Steger did not have a written contract with Virginia Tech’s Board of Visitors. As of July, Steger’s annual compensation was worth $853,433.
Sands’ contract, which runs from June 2014 to May 2019, also includes $3,000 annually for an executive physical examination, reasonable travel and lodging reimbursements related to his job, moving expenses and mortgage payments for up to a year on his house in Indiana.
Sands and his wife, Laura, will live at the university-owned president’s house, The Grove.
Sands has served as executive vice president and provost at Purdue University since April 2010. He was paid $287,840 as provost. He also served as interim president during the fall semester of 2012 and was paid $338,645, Purdue spokeswoman Shelley Triol told the newspaper.
The Virginia Tech contract allows Sands to accept outside board appointments, lecture requests and consulting while serving as president, so long as the activities do not present a conflict of interest. He is required to disclose such appointments and their compensation to the board.
The contract also granted Sands a dual appointment as a tenured professor in the departments of electrical and computer engineering and materials science and engineering. He may take up the position at the end of his contract or if he steps down as president.
In the early 1980s and early 1990s, Sands worked in private industry putting to practical use his skills in nanotechnology — the science of working with atoms and molecules to build extremely small devices such as robots — and optoelectronics, technology involving the combination of electronics and light.