University of New Mexico regents hired Louis Caldera as the school's 18th president Tuesday at an annual salary of $270,000 plus performance incentives.
Caldera, who takes office Aug. 1, signed the four-year contract in a public meeting at UNM just minutes after regents approved the agreement.
The contract includes a salary and benefits package that tops $335,000 — a $270,000 salary, an annual $30,000 retirement annuity and a $3,000-a-month housing allowance. It also calls for up to $25,000 annually in performance incentives.
Caldera, vice chancellor for advancement at California State University, said he looks forward to working with faculty and helping to build the reputation of the university.
"I want to put the attention back where it belongs — on the great faculty at the University of New Mexico," Caldera said with his wife, Eva, beside him. "There's so much to build on."
Caldera, 47, is a former secretary of the Army, serving under President Clinton from 1998 to 2001. He also served as a California assemblyman from 1992 to 1997.
He will become UNM's second Hispanic president. The first is UNM president F. Chris Garcia, who is serving a one-year term.
Garcia, administrators and a handful of faculty members gave Caldera a standing ovation when he entered the room.
Regent Mel Eaves called Caldera a "nontraditional" candidate who can provide innovative leadership and help UNM reach out to the state.
"It's time for a different kind of leadership, and it is my opinion we've picked the candidate who can do that," Eaves said.
Garcia is paid about $218,000 a year.
In addition to Caldera's base salary, the contract calls for the university to contribute $30,000 at the end of each contract year to a retirement annuity. If Caldera leaves before the end of a contract year, the university does not have to make the $30,000 contribution for that year.
It also includes a "performance incentive" of up to $25,000 a year that would require Caldera to satisfy goals set out each year by regents.
Caldera said he likes the performance incentives because it requires him to meet annually with the board and set down goals for the year.
"That way, you make sure there's good dialogue and good communications about what the expectations are," he said.
Regent Jamie Koch said regents will set out the performance goals in a public meeting shortly after Caldera starts as president Aug. 1.
The contract also includes a $3,000-a-month housing allowance because the Calderas do not plan to live in University House, a UNM-owned house on campus.
State leaders said in phone interviews Tuesday that they were excited by Caldera's selection.
"He has a lot of energy and vision for this university," said Senate Majority Leader Manny Aragon, D-Albuquerque.
Both Aragon and House Speaker Ben Lujan, D-Santa Fe, said Caldera's connections with California could give New Mexico universities and workers better access to the state's national laboratories.
"He is willing to have a dialogue with the laboratories so we can prepare our New Mexico citizens to get jobs," Lujan said. He also said Caldera's Hispanic heritage will provide a good role model for young Hispanics in New Mexico.
"They can see that opportunities are available if they work hard and get a good education," he said.
Coming Sunday
The story of UNM President Louis Caldera's rise from humble beginnings.