The Penn State Board of Trustees approved a 2.5 percent salary increase based on merit for University President Eric Barron at its meeting Friday. The Board unanimously approved the salary increase after it was recommended by the Committee on Compensation and discussed at the Board’s Friday morning executive session.

Barron’s new base salary will total $855,228 per year — a $20,864 increase, according to a release.

Kathleen Kasey, chair of the Committee on Compensation, said that the increase was recommended after the Board conducted a review of Barron’s performance. Board president Mark Dambly said that further information on Barron’s raise would be released after the meeting.

Barron’s 2018 compensation package, which included an $834,364 base salary, made him the third highest-paid public university leader in the nation, according to the Chronicle of Higher Education. He earned over $1.8 million in 2018 with $1 million in bonuses according to the report.

The Board renewed his contract through 2022 at its May 2018 meeting but did not increase his salary, which has remained static for several years. The contract extension stipulated that Barron would receive an $800,000 completion payment if he remains in the position through 2022. The contract also included a $200,000 annual retention payment, paid each year Barron remained in his position.

The Board also approved salary increases for tier two executives Friday.

Barron addressed rising student debt and Penn State’s efforts to combat it in his reports, and happily reported a $42 million increase in the university’s research expenditures over the past year.