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Incoming University of New Mexico President Dr. Steve Goldstein will earn an annual base salary of $850,000 under a contract signed Thursday.

Goldstein鈥檚 five-year contract begins July 15 and runs through June 30, 2031. He will succeed President Garnett Stokes, who is retiring this summer after eight years. Stokes is the university鈥檚 longest-serving president in nearly three decades and the first woman to hold the role.

Goldstein鈥檚 base salary is roughly in line with Stokes鈥� current compensation package. She earns a base salary of $660,539 plus two deferred compensation payments of $100,000 each, for total compensation of $860,539. Goldstein is also eligible for an annual performance bonus of up to $100,000. If approved by the Board of Regents, his first-year compensation could total $950,000.

His base salary will increase by $25,000 each year, reaching $950,000 in the final year of the contract.

In a statement, the Board of Regents said Goldstein鈥檚 compensation is 鈥渃ompetitive with peer research universities and reflects the Board鈥檚 confidence in his ability to lead UNM through its next chapter.鈥�

Goldstein currently serves as vice chancellor for health affairs at the University of California, Irvine, where he earned $1.14 million in 2024.

The Board of Regents selected Goldstein on May 15 from a pool of five finalists following a nationwide search. A pediatric cardiologist and professor of physiology and biophysics, Goldstein has held leadership positions at the Yale University School of Medicine, the University of Chicago, Loyola University Chicago and Brandeis University. He earned a bachelor鈥檚 degree in biochemistry from Brandeis and both an M.D. and Ph.D. in immunology from Harvard University.

UNM officials said Goldstein鈥檚 medical background may explain his higher compensation compared with Stokes, who holds a doctorate in psychology, because health sciences positions typically pay more.

Some of UNM鈥檚 highest-paid employees work in the health sciences system. Dr. Mike Richards, executive vice president of UNM Health Sciences, earns $900,000 annually. The university鈥檚 top-paid employee is head of neurosurgery Dr. Griffith Harsh, who earns $1.02 million annually.

UNM is expanding its health sciences programs, with plans to double the size of its medical school by 2030. The university also recently opened a new critical care tower aimed at increasing capacity at its overcrowded hospital.

Goldstein鈥檚 contract provides funding for a research laboratory within the UNM School of Medicine: $500,000 in the first year and $325,000 annually afterward. His research on diseases affecting the heart, lungs and nervous system has received national recognition.

The contract also grants Goldstein tenure as a full professor in the School of Medicine. Stokes had a similar provision tied to the Department of Psychology.

After his presidency ends, Goldstein may remain at UNM as a professor. In that role, he would earn 65% of his final base salary 鈥� $617,500 if he leaves the presidency after five years.

The contract also includes a $75,000 relocation payment, which Goldstein must repay if he leaves the university early. Like Stokes, he will live at University House on campus and receive housekeeping and maintenance services, a furnished office, and reimbursement for cooking, catering and housekeeping expenses related to official entertaining.

Stokes will receive $50,000 from the university for relocation expenses when she leaves University House this summer.

Goldstein also will receive a $12,000 annual vehicle allowance and a membership to an sa国际传媒官网网页入口 country club that includes golf and other amenities, 鈥渢ypically but not always including tennis and pool,鈥� according to the contract.

The university may terminate Goldstein with or without cause. If he is fired without cause, UNM would owe him either $850,000 or the remaining value of his base salary under the contract, whichever is less.

Natalie Robbins covers education for the Journal. You can reach her at nrobbins@abqjournal.com.