Santa Ono's contract has been extended to 2032 with a base salary of $1.3 million and potential earnings close to $3 million annually, including bonuses.
Ono's compensation, now exceeding $2 million annually, represents a 26-percent raise and includes an annual bonus of $400,000 and deferred compensation.
Mark Bernstein, Chair of the Board of Trustees, defended Ono's pay, stating, "The University of Michigan is one of the leading universities in the world... we need compensation that keeps them at our university."
Experts indicated that Ono's new contract, which values deferred compensation at $800,000 a year, is one of the most lucrative for public higher education leaders.
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