Michael Martin is earning less as the University’s eighth chancellor than his predecessor – former Chancellor Sean O’Keefe.
Martin’s base salary is $400,000, a $25,000 reduction from O’Keefe’s salary, which was $425,000 at the time of his resignation.
Martin will earn up to $65,000 more than he did serving as New Mexico State University’s president.
When Martin was first hired as NMSU’s president in 2004, he had a five-year contract with a salary of $293,840. When Martin’s contract was renewed in May 2007, he received a 14 percent increase, totaling up to $335,000, according to the Las Cruces Sun-News.
Martin’s $400,000 salary is the lowest among LSU’s top positions.
According to Martin’s terms of appointment set by the LSU Board of Supervisors, 10 percent of his salary will be paid for by affiliated donations.
Martin will be earning less than his predecessor, former Chancellor Sean O’Keefe. O’Keefe was making a base salary of $425,000 at the time of his resignation.
Joe Alleva, LSU’s incoming athletic director, will be making $550,000 a year – $350,000 in base salary plus $200,000 in “supplemental compensation.”
LSU System President John Lombardi’s salary at the time of his hiring was $550,000.
Despite a lower salary than O’Keefe, Martin will be receiving almost the same benefits.
Martin will be provided with a University house – officially dubbed as the “residence of the Chancellor of Louisiana State University” – located on East Lakeshore Drive.
Martin will be the third chancellor to live in the prairie-style house, after former chancellors Mark Emmert and O’Keefe.
Martin will also be compensated for any moving expenses he incurs during his transition to LSU, and he will be provided a vehicle during his tenure.
In addition, Martin will also receive athletic event ticket packages and membership to the Country Club of Louisiana – both to be used for “entertaining and fundraising in connection with official duties as chancellor.”
Martin said his contract was a fair deal all around.
“I was less concerned about the formal part of it than the informal part,” Martin said. “That is, getting to feel as though I fit in [at LSU].”
Martin said he and his wife, Jan, are excited about having a chance to live in another interesting part of America.
“We’ve sort of been on this adventure together for 37 years,” Martin said. “We’ve been to Wisconsin, Minnesota, Oregon, back to Minnesota and Florida and New Mexico.”
—-Contact J.J. Alcantara at [email protected]