The University of Hawai'i Board of Regents yesterday approved an executive pay cut plan, which includes a 10 percent reduction in salary for the new UH president, M.R.C. Greenwood.

About 210 other executives in UH's 10-campus system — including vice presidents, chancellors, vice chancellors and deans — will take pay cuts ranging from 6 percent to 9 percent, based on their most recent performance evaluations. The pay cut was proposed by former UH president David McClain.

Greenwood's new salary will be $427,512 after the 10 percent reduction, which takes effect for all executives Sept. 1.

The executive pay cuts are expected to result in about $2 million in savings per year. The University of Hawai'i system is facing a budget shortfall of about $155 million over the next two years.