Purdue University's trustees have approved extending the contract for President Mitch Daniels beyond 2020 in a deal that will pay him up to $930,000 a year.
Purdue board chairman Mike Berghoff said the former Indiana governor is enhancing the university's reputation nationally.
Board members cited development projects around the West Lafayette campus and Purdue's takeover of online-based Kaplan University, which has been renamed Purdue Global, WLFI-TV reported.
The new deal approved Tuesday allows for year-to-year extensions of Daniels' contract past its previous mid-2020 end date. Daniels is to receive $420,000 in base salary, up to $210,000 in performance pay and a $300,000 annual retention bonus, the Journal & Courier reported.
Daniels became Purdue's president in early 2013 and says he has a "couple more laps" left at Purdue.