The Colorado State University System Board of Governors announced the approval of a new, five-year contract for President Tony Frank last Friday.

The contract is “part of a proactive effort to retain one of the state’s top higher education leaders,” according to a news release issued by Kyle Henley, director of Denver public relations for CSU.

In the release, Board Chairman Joe Zimlich praised Frank for his work in the higher education world.

“Tony Frank is truly a rising star on the national higher education stage,” Zimlich stated. “He has an ambitious vision for CSU, and we wanted to demonstrate to Tony that the CSU System and Board fully support that vision. Tony’s leadership is having a profound impact on both the university community and the state of Colorado.”

“The new contract – effective Jan. 1 – runs through the end of 2017,” the release stated. “Frank’s base salary in 2013 will be $450,000 annually, with $25,000 step increases set for 2015 and 2016.”

“I’m flattered and humbled by the Board’s confidence,” Frank stated. “Obviously, I care very deeply for CSU, having spent the last 20 years of my life and career as part of the Colorado State community.”

The release noted that more graduating Colorado high school students choose CSU than any other university in the state and that 30 percent of all Colorado science, math, engineering and technology majors pursue degrees at CSU.

“While we have many challenges facing the university and higher education as a whole, the opportunities ahead of us are even greater,” Frank stated. “With strong leadership from the Board, world-class faculty, committed staff, exceptional students, and engaged alumni across Colorado and around the world, I have no doubt that CSU is well poised for a great future. It remains my very, very great honor to serve as its president.”