New Ohio State president to earn about $1 million

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COLUMBUS, Ohio (AP) — Ohio State University’s new
president will earn about $1 million annually in total compensation, or
about half what his predecessor made, according to a copy of contract
released Friday.
Michael Drake, former chancellor at the
University of California, Irvine, will receive $800,000 in base pay and
$200,000 in deferred annual compensation, according to the contract.
He
can also boost his base pay by 25 percent a year by meeting goals which
the contract did not spell out. The five-year contract is renewable.
The
agreement also includes a $1,200 monthly car allowance, first-class air
travel expenses and $50,000 in annual research funds. Ohio State will
also pick up Drake’s moving expenses and pay social club dues excluding a
golf membership. Drake will also be reimbursed up to $12,000 annually
for tax and financial planning services.
Drake, 63, selected
Thursday as Ohio State’s 15th president, also receives free housing by
the requirement that he live in the president’s residence in suburban
Bexley.
Drake’s contract is a bump up from Irvine where he earned $401,000 annually. His housing was also
provided in California.
Drake,
an ophthalmologist, will also be given tenure in the school’s college
of medicine, though he won’t draw a salary and isn’t expected to perform
regular faculty duties.
Former Ohio State president Gordon Gee,
who retired in July, earned about $2 million a year in total
compensation, one of the highest university salaries in the country.
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Andrew Welsh-Huggins can be reached on Twitter at https://twitter.com/awhcolumbus.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.

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