Friday, November 23, 2012

New Kansas Bioscience Authority president to be paid $265,000 salary

By MATT ERICKSON, The Lawrence Journal-World

The employment contract for newly hired Kansas Bioscience Authority president and CEO Duane Cantrell calls for a salary of $265,000 plus up to $150,000 in annual bonuses.

The KBA provided the contract to the Journal-World Wednesday after the newspaper submitted a records request following Cantrell's hiring on Tuesday.

The contract runs through Dec. 31, 2014, and allows for Cantrell to earn annual bonuses of up to $150,000 in 2013 and 2014.

The amount of the bonuses will be based on goals set in an incentive plan to be prepared before the beginning of each of those years by the executive committee of the KBA's board of directors, along with Cantrell.

Cantrell will receive one-third of his possible 2013 bonus — $50,000 — up front upon signing his contract. The remaining portion of the bonus, up to $100,000, is to be determined by his performance during 2013.

The contract also provides for a combined $50,000 annually toward retirement savings, health insurance and a car allowance.

Former KBA president and CEO Tom Thornton was also earning a $265,000 salary when he resigned in April 2011.

Cantrell, a managing partner for the Topeka retail consulting firm Genus Consulting and a former president of Payless ShoeSource, was hired Tuesday by the KBA board.