Five more years! University of Tennessee board hustles to secure future with Randy Boyd

After Randy Boyd expressed his desire to serve another five-year term as president of the University of Tennessee System, the UT Board hustled – well, as fast as a board can hustle – to lock in plans.

Under Boyd's leadership, system enrollment is at an all-time high, student retention and graduation rates are up, the universities have raised record funds, the system added a new campus, and research dollars are skyrocketing.

The board, in an unplanned vote at the March 1 meeting, unanimously agreed to “explore and formalize extending the president’s term through June 2030" after Boyd's overture.

Boyd famously speaks about making the 2020s the "greatest decade in UT history," and board members were keen to point that out that his current term concludes June 2025.

"I certainly want to encourage you to think about what the future may hold – a decade is 10 years, we're at five years," board member Lang Wiseman told Boyd.

"We're on the right track, and we need to think about how to continue that train down the track," Wiseman continued.

UT Board Chair John Compton said "exploration" of a new agreement would include ongoing conversations with Boyd and "stakeholders."

Compton said if Boyd's contract wasn't extended, the board would need to begin a search for his replacement in June. That's also when the board meets next.

What Randy Boyd said about staying on as UT System president

Near the end of his president's address recapping the previous year and sharing goals for 2024, Boyd said he and his wife, Jenny Boyd, had talked about what was next.

Boyd is busy. In addition to running the system, made up of over 12,000 employees and 58,726 students as of fall 2023, he is overseeing the construction of a $114 million baseball stadium in downtown Knoxville where his team, the Tennessee Smokies, will move in 2025.

"She knows how much I love this place and this work and this team," Boyd said. "She's willing to support me to serve another five years if the board is willing to let me."

Boyd began as interim president in November 2018, and the role became permanent in March 2020. He has never taken a salary.

"Serving this university is the honor of my life," Boyd said. "I get to serve my state, the people of my state who I love, my alma mater, and work with such an incredible group of people."

What University of Tennessee System has accomplished under Boyd

Enrollment rose to a record-breaking 58,726 students in fall 2023, and Boyd's goal is to increase that to 71,000 by 2030.

During his tenure, he's hired key leaders, including UT Knoxville Chancellor Donde Plowman.

The system acquired Martin Methodist College in 2021 and renamed it UT Southern, the first new system university since UT Chattanooga in 1969.

UT created the Oak Ridge Innovation Institute in 2021, a partnership with Oak Ridge National Laboratory to focus on emerging industries, workforce needs and build STEM talent.

The system continues to invest in research, spending more than $484 million. Critically, fundraising has reached a record $1.34 billion from a record number of donors.

Boyd also started UT Promise, a last-dollar scholarship lowering the barrier of accessibility to UT campuses. Starting in fall 2024, the income threshold increases to $75,000, and UT guarantees a $500 award for students who qualify.

He helped create the guaranteed admissions policy for top high school students to any UT campus.

"To me, you symbolize a torchbearer. You give credit where credit's due, you deflect credit and you certainly are very comfortable sharing it," board member Jamie Woodson said. "And I think that for all of us who desire to be servant leaders ... you do it every day and it's a credit to our institution."

Keenan Thomas is a higher education reporter. Email [email protected]. X, formerly known as Twitter @specialk2real.

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This article originally appeared on Knoxville News Sentinel: University of Tennessee wants Randy Boyd to extend his term