Rich Roodman, Valley Medical Center’s CEO, will have his $1 million yearly pay and bonuses frozen at 2013 levels, under a new two-year contract the center’s Board of Trustees approved Tuesday.

The new contact also spells out a succession plan to replace him as CEO once his retirement is set.

Comparing just base pay and bonuses, Roodman’s pay is about $190,000 less than what he made in 2012. But additional reductions, including the end of his retention payments and of cost-of-living adjustments, significantly increases that amount.

The new contract calls for Roodman to remain as Valley’s CEO through 2015, performing duties that are outlined in the strategic alliance agreement between Public Hospital No. 1, which owns Valley, and UW Medicine.

Midway through the contract, Roodman, 65, and the trustees will discuss whether to extend the contract for a third year.

The contract also calls for Roodman to help search and then mentor or assist his replacement if a new CEO is selected before the contract expires.

Roodman has served as Valley’s CEO for 31 years; his pay has always been controversial. But commissioners Tuesday night praised him for his leadership in growing Valley Medical Center in those three decades and enhancing South King County’s health care.

Roodman has also built up a sizable retirement package that includes the Valley’s retirement plan for executives, supplemental retirement plans and two whole-life insurance polices.

That retirement package is worth $7.5 million.

The new contract replaces one that expires on Dec. 31. It’s the result of months of work by the trustees’ compensation committee, in consultation with Roodman.

In extending the contract, the trustees indicated in their resolution that “it’s in the best interest of the District Health Care System [Valley] that Mr. Roodman remain as CEO of VMC beyond that date for the next two years, and potentially longer, to provide leadership, stability, and assistance as VMC continues to integrate into UW Medicine while continuing its focus on improving the health of the communities it serves.”