Two big headlines emerged from Cleveland State University’s Board of Trustees meeting Thursday  – and both involved President Laura Bloomberg. 

First, Bloomberg and Cleveland State’s trustees “mutually agreed” she’d give up her annual performance bonus. Based on the terms of her current contract, that payment could have been as big as $116,025 – or up to 25% of her annual $464,100 base salary. 

Then, the board followed that by offering her a five-year contract extension. Bloomberg and the board have until June 30 to agree to terms of the new deal. Thursday’s meeting marked the last full board gathering of the current academic year. 

Both moves come as the university stares down a range of challenges, including a projected $40 million budget gap, offering buyout deals to faculty and staff, and continued enrollment declines.  

Board chair David Reynolds pointed out Bloomberg “certainly earned” her performance bonus and also thanked her for understanding the university’s current environment. 

“The board feels very confident that we have the leader we need to get us through these challenging times and emerge as a stronger and more vibrant Cleveland State,” Reynolds said. 

Cleveland State’s Bloomberg praises board, colleagues 

In February, Bloomberg emerged as one of three finalists in the University of Minnesota’s presidential search. She publicly reaffirmed her commitment to Cleveland State after being passed over in a public vote by Minnesota’s Board of Regents. 

Her current contract says a renegotiation must begin at the two-year mark in her tenure, which started in April 2022.  

In addition to her base salary, she currently receives other benefits that include a $1,000 monthly car allowance and a family membership to The Union Club of Cleveland.  

At Thursday’s meeting, Bloomberg praised the board, her cabinet, and other colleagues for their collaborative work. 

“We’ll be at this together for a good, long time,” she said. 

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