Updated 5:16 p.m.
AMHERST -- Satish K. Tripathi is officially the new University at Buffalo president, and he will be well paid for it.
Tripathi was formally appointed today by the State University of New York Board of Trustees, and officially introduced during a press conference inside the university's Center for the Arts this afternoon.
Tripathi will make a $385,000 salary from the university. He will also be paid $150,000 from the UB Foundation, and another $115,000, paid by the SUNY Research Foundation.
In addition to that $650,000, Tripathi will also live in the university's presidential home and have a vehicle paid for by the university.
The compensation package, excluding the home and the vehicle, puts Tripathi just behind the heads of Stony Brook University, Texas A&M, the University of Texas-Austin and the University of Virginia, according to figures compiled by The Chronicle of Higher Education provided by UB to reporters at today's press conference.
The $650,000 package puts him ahead of those in similar positions at the universities of Arizona, Iowa and Oregon, as well as Michigan State University, according to the data provided by UB from The Chronicle of Higher Education.
Tripathi's predecessor, John Simpson, was paid a base salary of $265,000 for the 2008-09 school year, according to data from The Chronicle of Higher Education.
Simpson also earned $85,000 that year from private funds, for a total base salary of $350,000.
Staff Reporter Jay Rey spoke with Tripathi for a story published today.
Check back for video from today's press conference.