Washington State University President Kirk Schulz is taking a deeper pay cut next year and has agreed to a contract extension.
The WSU Regents approved a 5-year contract extension for Schulz during their meeting on Friday. Schulz has decided to take a 10% pay cut during the next academic year. He previously announced he would take a 5% pay cut. Schulz has also decided to forego a 50,000 dollar retention bonus.
Schulz is also giving up his university-owned condominium in Seattle as well as the vehicles that are provided to him by the institution. The condo was used by Schulz during overnight trips to Puget Sound. The condo will now be sold. That money will be used by WSU to help deal with a 37 million dollar shortfall in the next fiscal year which begins Wednesday. That deficit was created by dropping revenue caused by the governor’s coronavirus shutdown.