Trustee Robert Hughes also moved that the board authorize the Compensation Committee to work with the executive committee of the UofL Foundation on terms of the new contract.
Ramsey, whose current contract runs through June 2012, has already accepted the contract extension. He said he wants to fulfill the contract since it will give him an opportunity to stay for the duration of the institution鈥檚 strategic plan which is based on achieving key goals by 2020.
鈥淚 look forward to many more years of service to this great university,鈥 he said.
Noting that its members come from across the state, Hughes said the board wants 鈥渢o send a strong message of support鈥 for the president. Several other members lauded his accomplishments.
Trustee Marie Abrams noted that Ramsey was a driving force behind HB1, which led to higher education reform in Kentucky and UofL鈥檚 mandate to become a 鈥減remier metropolitan research university鈥 by 2020. Ramsey is 鈥渓argely responsible for much of the progress we鈥檝e made鈥 toward that goal,鈥 she said.
Trustee Kevin Cosby cited Ramsey for striking 鈥渁 great balance between being tough-minded and tender-hearted.鈥 Cosby, who as president of Simmons College has worked with Ramsey on programs to help disadvantaged students gain access to higher education, thanked him for 鈥渢he many bridges you鈥檝e built.鈥
Board Chair Frank Minnifield said Ramsey was simply 鈥渢he best college president in Kentucky and one of the best in the country.鈥
Faculty Senate Chair Robert Staat said the faculty 鈥渦nanimously supports鈥 Ramsey.
The trustees also approved the appointment of William Pierce as executive vice president for research and innovation. Pierce had been serving in the role on an interim basis for over a year. Ramsey said Pierce鈥檚 deep knowledge of the university and commitment to funded research made him 鈥渢he candidate of choice.鈥
In other business, the trustees approved audited financial statements for the year ending June 30, 2011. Vice President for Finance Mike Curtin gave board members an overview and said the university had 鈥渁n excellent year鈥 in which net assets increased by $32 million over the previous year to $804 million.