Less than a month after being named the Sports Business Journal's 2012 Athletic Director of the Year, Michigan State athletic director Mark Hollis has received another honor in the form of a pay raise. On Monday afternoon, the school announced that they have awarded Hollis with a new contract through 2016 that increased his base salary from $395,000 to $600,000 annually, which will go into effect on Oct. 1, 2012.
Michigan State AD Mark Hollis awarded a new contract through 2016 with an increase in base salary to $600,000 from $395,000.— Diamond Leung (@diamond83) June 18, 2012
The contract will be a five-year rolling contract, which will renew every July 1. An annual longevity payment of $100,000 will be paid every July for the previous 12 months as long as Hollis is still acting as the athletic director. He will also receive an annual $50,000 bonus for performance objectives, which is a decrease from his previous annual bonus of $62,000 for the same performance objectives.
Annual longevity payment of $100,000, annual performance bonus up to $50,000 (down from $62,000). Rolling five-year contract for Hollis— Chris Vannini (@ChrisVannini) June 18, 2012