Ivy Tech’s Board of Trustees has approved the contract for its new president -- former Indiana Lieutenant Governor Sue Ellspermann.
The contract between Ellspermann and Ivy Tech is for three years. During that first year, Ellspermann will receive an annual base salary of $300,000.
She could be paid more but not less during the next two years. She is also eligible for an annual performance based bonus that can't not exceed $100,000, in addition to other perks and reimbursements.
Ivy Tech trustee chairwoman Paula Hughes says, the 9-page contract was mostly molded on the policies for all college employees.
"The two goals of the contract are: to simplify it -- make it simple and straightforward -- and to align it as closely as possible with current college policies," Hughes says.
Ellspermann's first day as president is July 1.
