MORGANTOWN – New WVU President Michael Benson’s term will begin July 15 and run through June 30, 2030, according to his contract, provided by WVU to The Dominion Post.
His base salary will be $850,000. He will be eligible for a tenured faculty position in the Eberly College of Arts & Sciences. (He holds a doctoral degree in modern history; a bachelor’s degree in political science; a master’s degree in nonprofit administration; and a Master of Liberal Arts degree.)
Should he receive a faculty post, he will take on a reduced teaching and research load, so as not to interfere with his presidential duties. The contract notes that all WVU administrators, by state law, must either teach every 18 months or maintain an ongoing research program.
Shoud he choose to continue teaching after the end of his presidential term, he will be entitled to one year of development leave.
Starting in his second year, the Board of Governors may award Benson an annual performance incentive based on accomplishing established goals.
The WVU Foundation will provide Benson and his wife, Debi, the use of two vehicles. WVU will reimburse his moving expenses up to $100,000.
WVU will also provide Benson with a deferred compensation account, in addition to his other compensation. In this account, he will receive awards of $300,000 per year for five years, for a potential maximum $1.5 million. The account will be 20% vested on June 30, 2027; 50% vested on June 30, 2028; 75% vested on June 30, 2029; 100% vested on June 30, 2023, when his employment contract expires.
The account balance will be distributed 60 days after full vesting.
WVU explained that this deferred compensation is a retention incentive to encourage Benson to remain with the university for his current five-year term. This incentive is set aside in an account and becomes payable only after it has vested. If President Benson leaves before fully vesting, he will forfeit the unvested portion of the incentive.
During the transition period, Benson must make himself available to consult with current President Gordon Gee and others on transition matters. WVU will reimburse his reasonable travel and other expenses for this.
Benson may terminate his contract at any time with nine months’ notice. If he does so, he must pay pro-rated liquidated damages to WVU: $500,000 on or before June 30, 2026; $400,000, July 1, 2026-June 30, 2027; $300,000, July 1, 2027-June 30, 2028; $200,000, July 1, 2028-June 30, 2029; $0 on or after July 1, 2029.
