UI chancellor named to Busey board
CHAMPAIGN — University of Illinois Chancellor Phyllis Wise has been appointed to First Busey Corp.'s board of directors, the company reported in a filing with the Securities & Exchange Commission.
Wise, who has been chancellor of the UI's Urbana-Champaign campus since 2011, is entitled to receive a base retainer of $20,000 a year as a First Busey director. She is also entitled to a grant of restricted stock.
She has not yet been appointed to any First Busey board committees, service on which could boost her compensation.
First Busey is the holding company for Champaign-based Busey Bank, which has offices in central Illinois, Indianapolis and southwest Florida.
Wise — who would be the only woman on First Busey's board — is also a member of Nike Inc.'s board of directors, having served since 2009. According to a proxy statement filed by Nike last summer, Wise received a $60,000 annual retainer fee for serving on its board.
Her total compensation from Nike during fiscal 2012 was $237,889 — including $83,005 in fees earned or paid in cash, $139,560 in option awards and $15,324 in other compensation.
Nike said she was chosen for her extensive experience in medical science, health, higher education and societal issues.
As UI chancellor, Wise, 67, oversees a campus with more than 42,000 students, more than 1,800 tenure-track faculty and an annual budget of $1.5 billion with more than $400 million in research expenditures.
Wise holds faculty positions in several UI colleges, and her research focuses on issues concerning women's health and gender-based biology.
Her salary as chancellor and UI vice president is $500,000 a year, plus she'll receive $100,000 for each year if she stays for five years.
First Busey expanded its board size from 10 to 11 directors on Jan. 1. Wise's term, which began that day, will run until the company's annual meeting this year, at which point she could be nominated for and elected to another term.
Other members of the First Busey board include:
— First Busey Chairman Gregory B. Lykins.
— First Busey President and CEO Van A. Dukeman.
— August C. Meyer Jr., chairman of Midwest Television.
— Joseph M. Ambrose, president and CEO of Horizon Hobby.
— David J. Downey, president of The Downey Group.
— Stephen V. King, founding partner of Prairie Capital.
— E. Phillips Knox, attorney with the Urbana law firm of Tummelson, Bryan & Knox.
— V.B. Leister Jr., chairman of Carter's Furniture.
— George T. Shapland, president of Shapland Management Co.
— Thomas G. Sloan, CEO of Sloan Implement Co.
Downey and Shapland also serve on the board of The News-Gazette Inc.