Michael Crow, executive vice provost at Columbia University, is set to become ASU's next president.
Crow, 46, accepted the Arizona Board of Regents' offer Monday. The contract is now going through a legal review. The regents are expected to introduce Crow Friday.
Crow is expected to be paid about $500,000, which is consistent with the going-rate for presidents at large universities. For the first time in state history, part of Crow's compensation package will reportedly include private funds from the ASU Foundation.
John Shumaker, who was a finalist for the ASU presidency before withdrawing his name, will reportedly be paid about $600,000 as the new president of the University of Tennessee.
Lattie Coor, who will retire June 30, earns just over $320,000 annually.
At a public forum March 8, Crow impressed faculty and students. During his talk he said ASU can be a "world-class" university.
"I think this institution is one with tremendous potential, almost unique potential," Crow said, citing the Phoenix area's and ASU's continuing development.
Crow, who holds a Ph.D. in public administration from Syracuse University, also said that ASU is too dependent on the state for financial support and that the university must develop alternative sources of funding.
He is currently the executive chairman of Columbia Innovative Enterprises, which earned more than $170 million in licensing and research revenue for the university last year. Columbia earns more than any other university is licensing and research revenue.
Karen Holbrook, provost and vice president of academic affairs at the University of Georgia, was another finalist for the presidency, but withdrew her name from contention March 11.
Crow, who was a four year wrestling letterman, earned a bachelor's degree at Iowa State University.
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