March 15, 2014
Credit: cbowns on Flickr via a Creative Commons License
ROANOKE, Va. (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.
The Roanoke Times reports that Virginia Tech spokesman Larry Hincker released the contract on Monday.
The 55-year-old Sands was named the university's 16th president last Friday. He takes over June 1, 2014, for Charles Steeger, who is retiring.
Hincker tells the newspaper that Steeger didn't have a written contract.