When Bob Bruininks was appointed interim University president in June 2002, he had no interest in becoming the school’s 15th head honcho.

But now that he is, he can’t get enough.

Bruininks renewed his contract with the University on Friday for four more years. His previous contract was set to expire June 2005.

Along with the extended term, Bruininks will receive a 2.5 percent salary increase, bumping him to $348,500 a year.

This raise will make Bruininks the fifth-highest paid president in the Big Ten, following Northwestern University, the University of Michigan, Pennsylvania State University and Purdue University.

“This is an investment for the state and the University of Minnesota,” Board of Regents Chairman David Metzen said.

Bruininks’ contract was not reviewed last year, Metzen said, so Bruininks has not received a raise since he began in 2002.

His previous salary was $340,000.

The 2.5 percent increase is the consistent rate for administrators at the University, Metzen said.

Bruininks’ deferred compensation – a bonus paid out at the end of each year he is at the University – will also increase from $50,000 to $75,000 in year one, to $100,000 in years two and three, and to $125,000 in year four. The total increase is $200,000 over the four-year contract.

The $25,000 is contingent on his completion of the contract each year.

The contract also includes life insurance at four times the president’s salary.

Bruininks said he was pleased with the new contract.

“I couldn’t think of a higher honor or greater privilege,” he said.

Bruininks also said he could not take full credit for the progress the University has made since he began his presidential term.

“This is very much a team effort,” he said. “The University has extraordinary staff, faculty and students.”

Metzen said the board will still be able to terminate the new contract without cause at any time.

If this were to happen, Bruininks would be able to return to his faculty position after a sabbatical, or be paid one year’s salary.