Laird Veatch will earn a base salary of $500,000 annually under a five-year contract he signed Friday to become the new University of Memphis director of athletics.

U of M President M. David Rudd announced earlier Friday that Veatch, an executive associate athletics director at Florida since 2017, was his choice to replace Tom Bowen, who stepped down in April after leading the department for seven years. Allie Prescott has served as interim athletic director since Bowen’s resignation was announced in mid-May.

Veatch, a veteran of 25 years in intercollegiate athletics, replaces will be formally introduced at 2 p.m. Tuesday at the Laurie-Walton Family Basketball Center. The public is invited. He expects to move into his new role with the U of M on Oct. 1.

In addition to his base salary of $500,000, Veatch will receive a $25,000 annual performance increase for each year the academic performance of Tiger student-athletes meets or exceeds the current level. The $25,000 is part of up to $100,000 in annual performance incentives Veatch is eligible to receive under the contract. The other requirements for the incentives were not specified in the short-form contract – bearing the signatures of both Rudd and Veatch – released by the university Friday afternoon.

At Florida, Veatch provided administrative oversight for capital projects, operations, facilities, maintenance, strength and conditioning among other duties, including sports administration in football, according to a university release.

“Laird’s a perfect fit for the university and our city,” Rudd said. “As a former student-athlete, he brings a unique perspective and a wealth of experience at some of the nation’s leading athletic departments, along with a strong vision for the future, a keen understanding of a rapidly changing landscape, unparalleled integrity and energy, and a commitment to competing at the highest level.”

Veatch was an athletics administrator at Kansas State from 2010 until his move to Florida. During his time at Kansas State – his alma mater -- he advanced from his initial position as associate athletic director for capital support to deputy athletic director and chief of staff before Florida hired him as executive associate athletics director, internal affairs two years ago.

 “Laird Veatch is a talented administrator and a special person,” Scott Stricklin, Florida’s director of athletics, said. “His unique blend of intelligence, vision, humility and kindness make him one of the most valuable and well-liked colleagues I’ve ever had the pleasure of working alongside.

“Laird and his family have made a significant impact on Gator Nation, and Memphis is going to benefit immensely from their presence.”

Join me in welcoming our new Athletic Director, Laird Veatch from the U of Florida. Previous stops were U of Texas, Missouri, Kansas State and Iowa State. Comments below from national colleagues. See the formal U of M press release for additional details. pic.twitter.com/urzKMhWroy

— Dr. M. David Rudd (@UofMemphisPres) August 9, 2019

The selection of Veatch ends a three-month search for the university. Veatch was one of the early names mentioned as a possible successor to Bowen, whose resignation was submitted April 20 and accepted by Rudd two days later.

However, the university did not acknowledge Bowen’s departure until May 14, while also naming Prescott to the interim role.

“I have made the decision to step down as director of athletics to pursue a new career opportunity,” Bowen said in the statement released by the university at the time. “I know that the athletic program here at the University of Memphis will continue to achieve great success both in the classroom and on the fields and courts of competition. It has been my privilege to serve this university.”

Asked whether Bowen was asked to resign, Rudd replied: "I don't want to speak for Tom. That is a question Tom needs to answer. Tom submitted a resignation, and I accepted it."

Shortly after the May 14 announcement, university officials acknowledged Bowen stepped down “in lieu of an investigation.” While the university declined to cite the nature of the “investigation,” Bowen’s resignation came only days after an April 16 letter from Elizabeth Holloway – a women’s basketball supporter – about the athletic director’s flirtatious behavior with a female university employee on a trip to the American Athletic Conference women’s basketball tournament.

After Bowen resigned, a number of names, besides Veatch, were mentioned as possible replacements: Tim Duncan, athletic director at New Orleans; Ryan Ivey, a former Memphis punter who is athletic director at Stephen F. Austin; Candice Storey Lee, an associate vice chancellor and deputy athletic director at Vanderbilt and Tommy McClelland II, athletic director at Louisiana Tech.

Former Tiger guard Elliot Perry, now a minority owner with the Memphis Grizzlies, also came up.

In an interview with Geoff Calkins of The Daily Memphian, Veatch said the momentum of Tiger athletics and the professional way Rudd handled the discussions that began a few weeks ago.

“Through conversations with President Rudd and trusted colleagues from around the nation about this special opportunity, it quickly became apparent that there is a tremendous amount of momentum in Memphis,” Veatch said in the university’s press release. “Together with our highly-respected university leadership, incredible coaches, staff and student-athletes, along with passion of the Memphis family, we have an opportunity to build an unprecedented era in Tiger athletics.”

Veatch began his career at Texas as a graduate assistant, then moved to the University of Missouri from 1997 to 2002, eventually becoming assistant athletic director for development. After a brief stop at Iowa State as senior associate athletics director for external operations, Veatch began a career with Learfield Sports before returning to college athletics administration with Kansas State in 2010.

I love your enthusiasm and arms in the air after each sack, @LairdVeatch ! Still have that same excitement in life just a few years later. https://t.co/emUeqdGZ06

— Austin Schilling (@KSUSchilling) July 9, 2019

He holds a bachelor’s degree in business administration from Kansas State and was a four-year letterman for the Wildcats as a linebacker, serving as captain during his senior season. He was a two-time Academic All-American, and earned Academic All-Big Eight honors four years.

“As a former student-athlete, Laird has worked his way through many levels of athletic administration, making him very well-rounded and prepared to lead University of Memphis athletics,” Dave North, chair of the U of M board of trustees, said in the release announcing Veatch’s selection. “His energy and experience will assist our student-athletes, coaches and staff in competing at the absolute highest level. I am thrilled with this important decision

Veatch and his wife, Brandy, have three daughters, Jordyn, Taylor and Sydney and a son, Dru.

“I am so excited to come alongside the team in place to serve our student-athletes, university, fans and community,” the new athletic director said. “My family and I are truly grateful. We can’t wait to develop new friendships and earn the right to be called Memphians.”

Sports columnist Geoff Calkins contributed to this story.