After nearly a decade on the job, the University of Kentucky’s president wants to extend his tenure while volunteering for a pay cut as the school deals with financial fallout from the coronavirus.

The school’s board chairman said Thursday he hopes to have a deal in place soon to keep Eli Capilouto at the university’s helm beyond next year.

The upcoming academic year is the last year of Capilouto’s contract. He informed the school’s trustees that he wants to continue in the job beyond then, UK board Chairman Robert Vance said in an email to the campus community.

“The last nine years, I believe, have been a period of unprecedented progress for our institution,” Vance said. “Extending that leadership, and providing a steady sense of continuity at such an uncertain and unsettling moment, is critically important.”

Capilouto asked that the board reduce his annual salary this coming year by 10%, with those funds allocated to an employee assistance fund, Vance said.

The cut would amount to about $85,000 of Capilouto’s $838,334 annual salary.

Many university departments have been hit by furloughs as part of cost-cutting efforts because of the pandemic.

Vance said he’ll work with Capilouto on a contract extension, with the goal of announcing the terms in June.

UK President Eli Capilouto gave some rewards at the opening of the RX Summit on Monday April 22, 2019. Photo by Mark Cornelison | UKphoto