EL PASO, Texas (KTSM) -- The New Mexico State University Board of Regents voted unanimously on Friday, Oct. 25 to approve the contract for the incoming university system President Valerio Ferme.  Ferme’s employment begins Nov. 18 with a transition period where he will meet with stakeholders at the university’s campuses, agricultural science centers, cooperative extension offices and with others around the State of New Mexico, NMSU said in a news release. As part of the presidential transition, Mónica Torres will continue to serve as interim president through the end of 2024. Ferme will assume the university president role effective Jan. 1, 2025.  Ferme’s contract runs until Jan. 1, 2030 and includes a tenured faculty appointment at the rank of full professor in the Department of English in the College of Arts and Sciences. It also includes provisions for an annual evaluation. As part of the contract, Ferme and his family will live at the NMSU President’s Residence. KTSM has obtained a copy of Ferme's contract. He will be paid a base salary of $600,000 a year. He could also be given incentive pay of up to $50,000 annually, based on performance goals. If his agreement is terminated, he will be give as much as 12 months' pay, depending on circumstances.  “My family and I are honored to join the land-grant institution of the state of New Mexico, even as I am humbled by the responsibility that this role entails toward our campuses and communities and, equally importantly, to the citizenry and government of the state,” Ferme said. “We are very excited to have Dr. Ferme join us,” NMSU Regent Chair Ammu Devasthali said. “The Board of Regents will stand with Dr. Ferme, side-by-side, in true partnership to lead this university. We know NMSU is capable of achieving even bigger and better things and we’re looking forward to our future together.”