University of Akron approves contract for President Nemer. Here's how much he will earn

The University of Akron Board of Trustees on Wednesday approved a four-year contract for President R.J. Nemer , the university's 19th president.

The contract is retroactive to May 15, when the board appointed Nemer to the position. Nemer was working under a basic preliminary agreement to this point while his full contract was under negotiation and then awaiting approval by the trustees.

Nemer will be paid a base salary of $484,500. The board will also contribute $50,000 annually to a non-qualified deferred compensation fund, which will be available to him in a lump sum provided he stays in the job for four years.

Nemer will receive the same benefits package available to all university employees. The university will also make "all required employer retirement contributions to the applicable retirement plan" Nemer chooses.

Nemer will receive $1,000 a month for a car allowance. He will not receive a housing allowance, but will be permitted to be reimbursed for expenses incurred from hosting events at his residence. The university will also pay for one family country club membership for the president, as has been done in the past. He also will be provided equipment to operate a home office.

The board will conduct an evaluation of Nemer's performance annually, starting July 2025. The board could increase his salary based on that evaluation, but may not decrease it. Two years into his tenure, key groups on campus will also have the opportunity to give Nemer a performance review and give feedback to the trustees.

The university can terminate Nemer at any time for cause. The university can terminate him at any time without cause, ending the contract, with 90 days notice, but would have to continue to pay his base salary and health benefits for one year from the date of termination. The president can resign by providing at least six months notice to the board.

Nemer did not comment after the board unanimously approved his contract.

The board appointed Nemer in May after the sudden retirement of Gary Miller, who served the university for five years. Nemer is the former dean of the business school, but came to academia not as an academic but as a business leader in the world of sports management and marketing. He is a two-time graduate of the university.

Nemer gave his first State of the University speech to the Akron Press Club earlier this month.

"When I attended UA as a student, we had a catchphrase — 'wherever you want to go, you can get there from the University of Akron,'" he said in his speech. "I am living proof of that concept."

Contact education reporter Jennifer Pignolet at jpignolet@thebeaconjournal.com, at 330-996-3216 or on Twitter @JenPignolet.

This article originally appeared on Akron Beacon Journal: University of Akron approves contract for President Nemer. Here's how much he will earn