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September 26, 2008, 10:58 AM ET
Ohio State U. Seeks to Up Gee's Pay
Ohio State University’s governing board plans to raise President Gordon Gee’s pay by creating a private endowment, according to a report in Business First, a weekly business journal based in Columbus, Ohio.
We are going to find ways we can ask the private sector to help maintain the highest qualities in leadership,” said Cloyd, who recently retired from heading the research program at Cincinnati-based Procter & Gamble Co.
Gee’s contract was scheduled to come before the board on Friday, but was postponed to the November meeting while attorneys work out “creative but legal” ways for corporate and other donors to contribute to his compensation, Cloyd said. It would be structured as an endowment and also used to reward “academic excellence” to retain other university employees.
According to the terms of the contract, Gee’s base annual salary is $775,000, plus an extra $225,000 a year if he serves for five years, for a total of $1-million. The board and Gee have yet to reach an agreement about an additional bonus for meeting performance goals.
Categories: Salary-and-benefits
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