UM Board of Curators approves contract for new AD

COLUMBIA, Mo. (KMIZ)

The University of Missouri Board of Curators on Wednesday approved the contract of new athletic director Laird Veatch.

Veatch was announced as the new athletic director on Tuesday. Veatch signed the contract on Monday. UM System President Mun Choi signed the curators' side of the contract on Tuesday.

According to the contract, Veatch's yearly total guaranteed compensation is $1.3 million, which is made up of a $900,000 base salary, $200,000 non-salary and $200,000 in deferred compensation. His contract begins on May 1 and ends April 30, 2029.

Annual non-salary compensation includes “participation in radio/television shows, internet or streaming platforms, podcasts and other digital content, speaking appearances, marketing events, apparel/footwear contracts, and all such matter related to community of University functions,” the contract states.  

Deferred compensation includes money paid “within a reasonable time after the complete of each performance year” and could be forfeited “if not employed at the time of vesting” at the end of his third and fifth years, the contract states.

Veatch also has the ability to receive incentive pay, including:

• $75,000 if "philanthropy, ticket sales and other revenue generation targets set" are met each year.
• $50,000 if the football team wins the Southeastern Conference.
• $50,000 if the football team wins the national championship.
• $10,000 if the men's basketball team wins either the SEC regular season or SEC tournament. The contract states that $10,000 can be paid out once per season, meaning if the team wins both the regular season title and tournament championship, two payments will not occur.
• $15,000 if the men's basketball team makes an appearance in the Final Four.
• $25,000 if the men's basketball team wins the national championship.
• $25,000 if the combined graduation success rate across all sports is 90% or higher.

Veatch was recently the athletic director at the University of Memphis. He takes over for Desiree Reed-Francois, who left MU to become the athletic director at the University of Arizona.

Check back for updates to this developing story.