When a new chancellor begins at the University of Wisconsin this fall, he or she will likely earn a significantly higher salary than current Chancellor John Wiley.

The UW System Board of Regents? Business, Finance and Audit Committee unanimously approved a salary range hike for the chancellor of UW-Madison to between $370,000 and $452,000 Thursday.

Currently, Chancellor John Wiley earns $327,000, the least of 11 chancellors in his peer group. Wiley announced last year he will retire at the end of this summer.

The board calculated the salary range by taking 95 percent of the median of salaries in UW-Madison?s peer group. The range is 90 percent to 110 percent of that number, $411,000.

Board of Regents President Mark Bradley called on the board to make the salary range adjustments, adding now is the right time as the UW System begins its search for Wiley?s replacement.

?Those jobs end up being filled, recognizing national and sometimes international competitive factors,? Bradley said. ?The last time we adjusted our ranges was two years ago, and salaries have changed considerably during that period. At this juncture, we?re going into those recruitment processes with salaries that are two years out of date.?

Bradley pointed out salary serves as only one part of a total package UW-Madison?s new chancellor will receive.

?Anybody who?s ever sat on these regent selection committees knows salary is important, but salary is one important part of a total package,? Bradley said.

Other parts of the package include research status and benefits, Bradley added.

Regent Vice President Chuck Pruitt, the former chair of the Business, Finance and Audit Committee, also said now is the right time to make these adjustments.

?I think this board has taken very seriously the issue of creating competitive salaries,? Pruitt said. ?I think we?re all in agreement this is one of the greatest priorities we have.?

Universities in UW-Madison?s peer group include the Universities of Texas, Washington, Michigan, California-Berkeley, California-Los Angeles, Minnesota, Indiana, Illinois and Michigan State and Purdue Universities.

The Business, Finance and Audit Committee also voted to raise the salary ranges of chancellors at several other UW schools, including UW-Parkside and UW-Whitewater, which are also seeking new chancellors.

UW System President Kevin Reilly will also likely receive a pay hike, as the committee voted to raise his salary range up to $360,000 to $440,000. Reilly currently makes about $342,000.

The full Board of Regents will vote on the proposals at its meeting this morning.