ANN ARBOR, MI - University of Michigan Regent Andrew Richner summarized what his fellow regents and faculty thought about the job President Mark Schlissel has been doing in leading the university: He's knocking out of the park.

That's why the Board of Regents unanimously approved another 3.5 percent raise to Schlissel's base salary during its monthly meeting Thursday, Sept. 20, which puts his annual base salary at $852,346.

Additionally, Richner recommended Schlissel's contract be extended by another five-year term the board is "in the process of finalizing," and will vote on at a future meeting.

Richner acknowledged how demanding Schlissel's job can be in noting his efforts have been appreciated from the board's view.

"From the outside, I don't think we all appreciate just how demanding and complex the job of a University of Michigan president is," Richner said. "I know (Schlissel) spends 24/7 on his responsibilities. As a consequence, we've all benefited in the community from your hard work."

Schlissel thanked the board for their continued support and spoke highly of his love for the job during the meeting.

"I tell my friends around the country in similar positions that I actually have the most challenging, but also the best job in all of higher education," Schlissel said. "I truly believe that. I appreciate the vote of confidence and the opportunity to continue working with our executive team in leading the top public university in the United States."

Last fall, the board unanimously approved a 3.5 percent raise for Schlissel, who took office in 2014, putting his base salary at $823,523.

The previous fall, the UM Board of Regents approved a 3 percent increase in Schlissel's base salary following his second year on the job. The raise also included an additional $100,000 in retirement contributions to Schlissel's account annually over three years.

He also received a 3 percent increase in base salary following his first year as president at UM.