UofL trustees approve contract extension for James Ramsey

LOUISVILLE, Ky. -- The University of Louisville’s Board of Trustees today voted to extend UofL President James Ramsey’s contract until June 30, 2020. Ramsey’s contract would have expired June 30, 2012.

Board member Robert Hughes said terms of the agreement, including compensation, would be addressed later.

“We want to send a strong message of support for Jim Ramsey,” Hughes said.

Frank Minnifield, who chairs the board, said Ramsey was “the best college president in Kentucky and one of the best in the country.”

Trustee Marie Abrams noted that Ramsey was a driving force behind HB1, which led to higher education reform in Kentucky and UofL’s mandate to become a “premier metropolitan research university” by 2020. Ramsey is “largely responsible for much of the progress we’ve made toward that goal,” she said.

Ramsey said he plans to accept 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’s strategic plan, which is based on achieving key goals by 2020.

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 more than a year. Ramsey said Pierce’s deep knowledge of the university and commitment to funded research made him “the candidate of choice.”

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 “an excellent year” in which net assets increased by $32 million over the previous year to $804 million.

The next Board of Trustees meeting is scheduled for Nov. 10, 2011.