Penn State athletic director Pat Kraft has obtained a contract extension that runs by way of June 30, 2032, and can pay him a mean of $2.26 million per yr over the subsequent eight years, the college introduced Monday.
Kraft, who was getting into 12 months 3 of a five-year deal, can have the chance for a performance-based bonus of as much as $350,000 yearly if he reaches particular targets, together with “for educational and aggressive excellence,” in accordance with the college.
The extension was accredited by the Penn State board of trustees and its committee on fairness and human sources. The vote was unanimous.
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“Pat is a rare chief who brings invaluable perception and strategic path to athletics and the college, with a concentrate on each athletic and tutorial success for Penn State’s greater than 800 student-athletes,” Penn State president Neeli Bendapudi mentioned in an announcement. “This new contract will assist guarantee Penn State continues to learn from Pat’s management for years to come back.”
In keeping with a launch, Penn State labored with consulting agency Segal to research Division I athletic administrators’ compensation nationwide and decide a aggressive wage.
Kraft joined Penn State from Boston School in July 2022. Beneath his management, Penn State has produced six particular person NCAA champion student-athletes, 19 nationally ranked groups and the nationwide champions in wrestling in 2023-24. Within the 2022-23 season, Penn State recorded its highest Learfield Administrators’ Cup end since 2018-19, inserting No. 15 within the rating of college efficiency throughout sports activities.
Kraft created a psychological well being and wellness division inside Penn State athletics and has invested considerably in vitamin, psychological well being help, restoration and journey packages. He led Penn State to a 93% commencement success price, together with 12 packages with 100% rankings, within the NCAA’s most up-to-date report.
“I’m deeply grateful to President Bendapudi and the Board of Trustees for his or her unwavering help of our intercollegiate athletics program and our management group,” Kraft mentioned in an announcement. “Penn State is a outstanding place, made so by its unbelievable individuals — our gifted student-athletes, devoted coaches and workers, passionate supporters and engaged neighborhood members. I’m excited for us all to proceed working collectively to raise Penn State Athletics and the College as a complete. Betsy, our youngsters, and I really feel actually blessed to be part of the Penn State and State School communities, and we can’t await what lies forward.”
