Gen. Richard Myers will receive a $500,000 annual salary as the 14th president of Kansas State University, according to his letter of appointment released Thursday by the Kansas Board of Regents.

According to the letter dated and signed by Myers on Thursday, $156,250 of Myers’ yearly salary will be financed by the Kansas State University Foundation, a common practice for paying university presidents.

According to earlier Capital-Journal reports, former K-State president Kirk Schulz’ salary in 2015 was $467,000. He left Manhattan earlier this year when he accepted the Washington State University’s job in Pullman, Wash., and Myers was appointed as interim president.

According to The Associated Press, Myers was making $360,000 as interim president, a position he was appointed to in April.

As part of his annual compensation package, the KSU Foundation will provide Myers with two university vehicles and a membership to the Manhattan Country Club, according to the letter of appointment. The foundation also will finance Myers’ deferred compensation package that includes getting $31,250 after his first year of service, progressing to $187,500 if he remains as president for eight years or more. He also will be provided foundation funds to use at his discretion as long as they are "business-related and applied only for the greater benefit of the Kansas State University," the appointment letter states. Myers will additionally get the standard employee benefits package that all unclassified employees of the state board of regents receive.

Myers will also be required to live in the president’s residence at 100 Wilson Court on the K-State campus. However, he will be provided university funds for moving expenses to relocate to Manhattan from his home in Arlington, Va.

Talking to reporters after the unanimous regents’ vote during a special meeting on Nov. 15 , Myers admitted he had submitted the application for the president’s job "on the absolute last day that you could do it."

"My family’s still going to be in Virginia. My wife will be here the majority of the time. That was always tugging at me," he said at the time. "But they were also supportive and said, ‘Go do it,’ and I said OK. It wasn’t a last-minute decision, but it was last minute to put my paperwork in."

While he is a former chairman of the Joint Chiefs of Staff and retired four-star U.S. Air Force general, Myers doesn’t have higher education administrative experience. He has held several positions on the KSU Foundation board of directors and alumni association. He is the second high-profile retired military officer to be appointed to a major higher education leadership job within two years. The University of Texas’ 15-campus system early in 2015 hired retired Adm. William McRaven as chancellor, a former Navy SEAL who led the U.S. Special Operations Command.

Just after the Kansas Board of Regents appointed Myers, Greg Willems, president and CEO of the KSU Foundation, said Myers will continue the momentum of the university’s $1 billion capital campaign to become a top 50 research university by 2025.

"He’s committed to making sure we have the private resources to help this university deliver on that plan," Willems said. As of a couple of weeks ago, Willems said a little more than $916 million of the $1 billion has been raised. "We’ve got about $84 million left to cross that mark. There will still be issues and opportunities that need to be addressed. We’ll sit down and figure out where those gaps are and talk to the K-State community about filling those."

Dennis Mullin, of Manhattan, a member of the board of regents and appointee of Gov. Sam Brownback, was chairman of the search committee to replace Schulz. Earlier reports indicated the search committee selected 15 candidates out of 81 applicants. Mullin confirmed that the names of three highly qualified candidates were forwarded to the board of regents for consideration.

Mullin said that Myers’ familiarity with K-State and the search committee wasn’t a factor in his selection.

"The committee did a good job of treating him like any other candidate," he said, adding that the search was closed to the public, a practice that is becoming more common. "He followed every aspect of what we asked of any other candidate. Honestly, the committee looked at him as just a candidate and not as interim president. I think, candidly, it reinforces why it was a good decision."

Myers earned a bachelor’s degree in mechanical engineering in 1965 from Kansas State before pursuing a master’s degree in business administration at Auburn University.

The Associated Press contributed to this report.

Contact Angela Deines at (785) 295-1143 or follow her on Twitter @AngelaDeines.