University President Scott Beardsley signed an employment agreement Dec. 19, upon his appointment as president by the Board of Visitors that same day. The agreement employs Beardsley through June 20, 2031, although the agreement says the Board can terminate this agreement earlier. Also according to the contract, Beardsley’s annualized base salary is $1.3 million, and he may accrue earned annual merit as well as inflation adjustment increases.
Obtained by The Cavalier Daily through a Freedom of Information Act request, Beardsley’s contract explains that the Board can terminate Beardsley’s employment at any time for cause — due to significant misconduct, fraudulent actions or misrepresentation of academic credentials — with a 2/3 vote of all Board members. Even without cause, the agreement says the Board may terminate the president’s contract with a 2/3 vote, as the president serves “at the pleasure of the Board.”
As president, Beardsley’s duties include serving as the chief executive officer of the University and abiding by the requirements of the president under the laws of the Commonwealth and the Manual of the Board.
“Mr. Beardsley and the University acknowledge and agree that the Duties of the President shall be to supervise the entire program of activities of the University and shall be consistent with those customarily performed by presidents of public colleges and universities comparable in size and type,” the contract reads.
Duties outlined in Beardsley’s contract nearly mimic those in former University President Jim Ryan’s renewal contract signed March of 2022, and employment renewal details are also similar. Ryan’s base salary in 2018 was $750,000, and his salary in 2024 was $912,200.
Beardsley’s contract outlines that if he is terminated without cause, he is entitled to payments equal to his salary at the time of his termination for 12 months in addition to 12 months of sabbatical leave. Also if terminated without cause, Beardsley may still continue employment through the University on general faculty. If Beardsley were to resign, he would not be entitled to further compensation or benefits other than his rights after termination and vested sabbatical leave.
Beardsley’s contract also details that he will continue to be appointed as a member of the general faculty and dean emeritus in the Darden School of Business — he previously held the role of dean of Darden until his appointment as University president. Although he will simultaneously hold these additional roles, his presidential contract supersedes all terms and conditions of his role as a faculty member. After his time as president, Beardsley is entitled to continue his role as a faculty member at Darden for up to 10 years without the requirement of renewal. Ryan, after his sabbatical following his resignation, returned as a Law and Education professor.
Ryan was entitled to earn 75 percent of his presidential salary in his role as a professor, and Beardsley’s contract details that he will earn 60 percent of his presidential salary if and when he adopts a faculty role after his time as president. Beardsley will also accrue two months of paid sabbatical leave for every 12 months in his role as president, and he also has six months of sabbatical leave that will carry over from his time at Darden.
Regarding his starting salary, the contract describes that the amount is based on a market analysis and has been approved by the Board. To compare with peer schools of the University, The University of North Carolina at Chapel Hill pays its president a base salary of $454,564, but has awarded him bonuses of over $450,000. The president of the University of Texas at Austin earns a base annual salary of around $1.25 million, and the University of Michigan’s president will earn a $2 million base salary this year.
Beardsley, in addition to the $1.3 million, will receive a $250,000 bonus for this year. Annual performance bonuses are not to exceed $250,000, according to the agreement. This year, Beardsley will be awarded the maximum bonus with the acknowledgment that he intends to donate the total bonus amount to a University-affiliated charitable organization, the contract says. In future years, the University has also acknowledged Beardsley’s intent to donate half of any bonus to a University-affiliated charitable organization.
Ryan’s 2022 contract states that annual performance bonuses were not to exceed $100,000, and there was no acknowledgement of an intent on Ryan’s part to donate any of this money to a University-affiliated charity.
To evaluate yearly performance, the Board will agree upon performance objectives in compliance with Virginia law. Increases in Beardsley’s salary require Board approval and, according to the contract, should be based on his performance in the previous 12 months and inflation adjustments.
Beardsley will receive standard benefits including medical insurance options and retirement plans, and reasonable job-related travel will also be covered by the University. Beardsley was also given 24 days of paid vacation leave per year — two more days than Ryan was given in his renewed contract in 2022.
Regarding deferred compensation — compensation paid later, usually for retirement — the University will contribute $225,000 for each fiscal year beginning July 1. In lieu of additional money for the first half of the year, Beardsley received a $125,000 signing bonus paid to him Jan. 8. The contract also outlines funds for University housing expenses — Beardsley will reside at Carr’s Hill, as did all of the University’s previous presidents — and security services upon request.
The Board and Beardsley, as outlined in the contract, will meet to discuss renewal or nonrenewal no later than March 31, 2030. By Beardsley’s contracted employment end date, he will have served for about 5.5 years. Ryan’s contract extending his time as president furthered his term until July 31, 2028 — about 3 years. Ryan served for nearly seven years total, former University President Teresa Sullivan served for eight years from 2010 to 2018 and prior to Sullivan, former University President John T. Casteen III served for 20 years from 1990 to 2010.
According to his LinkedIn profile, Beardsley currently serves as a senior advisor for The Carlyle Group, the director for Focused Ultrasound Foundation and a Board member at Altec. His employment contract allows for his participation in “outside activities” in addition to his role as president, but Beardsley must receive approval from the Board rector before accepting any additional outside positions and current outside positions must also be approved. The contract states that Beardsley’s current outside activities have already received approval.
Both former Board Rector Rachel Sheridan and Beardsley signed the contract Dec. 19.
Beardsley’s employment contract:
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