By Tina Reed

Dr. Wayne Frederick, president of Howard University, received a five-year contract extension from the university on Friday.

The Howard University Board of Trustees voted to extend his contract until June 30, 2024. He has been president of the prominent historically black university in Northwest D.C. since 2015. He previously served for a year as interim president.

Frederick is a Howard alum and a former Howard hospital surgeon. He was paid $953,104 in 2014, ranking 45 among 510 presidents of private colleges.

Under his leadership, Howard Hospital announced a $21.2 million profit in fiscal 2016 after several years of losses. The university followed a strategy of diversifying its revenue streams, including from its $1.5 billion real estate portfolio, and the school launched the Howard West campus in partnership with Google in Silicon Valley.

In fiscal year 2016, the school awarded $101 million in financial aid compared to about $40 million in fiscal 2009.

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