Ohio State has committed $5.8 million to former president E. Gordon Gee in the terms of a new contract detailing Gee’s future at the university.
Gee will keep his position as a tenured member of the OSU’s Moritz College of Law faculty until he chooses to retire from the position. Gee will also be researching 21st century education policy and serving as president emeritus, according to a university press release.
The OSU Board of Trustees announced the terms of the contract Monday afternoon.
The contract promises $5.8 million in its terms, some of which will be paid out over a five-year period, according to the release.
Gee’s base salary as president emeritus will be $410,000, paid out every year through 2018. He will also be given a grant of $300,000 each year through 2018 for his research on education policy and upon execution of the contract, OSU will pay Gee $1.5 million to release the university from “previous contractual obligations such as deferred compensation, and supplemental executive retirement plan compensation,” according to the release.
In addition, OSU will add $800,000 to the University’s Retirement Continuation Plan. There are also other “miscellaneous” costs in the contract, according to the release.
Gee’s supplemental executive retirement agreement indicated there had been about $2.33 million placed in his retirement account since June 2009.
Gee said he is excited to continue working with the university.
“It was my great calling to have led Ohio State for fourteen years, and I am proud to be able to continue my work for Ohio and Ohio State,” Gee said in a released statement. “I am also looking forward to deepening our understanding of the changing nature and role of higher education in the 21st century.”
He announced his retirement June 4, effective July 1. Former executive vice president and provost Joseph Alutto has assumed the role of interim president.
Alutto’s base salary as interim president will be $625,000, Gayle Saunders, assistant vice president of media and public relations, said in an email. His salary as provost and executive vice president was $554,559, OSU spokesman Gary Lewis said in an email.
The announcement of Gee’s retirement came days after controversial remarks Gee made at a Dec. 5 OSU Athletic Conference became public. Comments about Notre Dame and the SEC in particular, among other remarks, brought national attention.
A March 11 letter from OSU Board of Trustees Chairman Robert Schottenstein to Gee on the subject of the offensive comments was obtained by The Lantern, where it was written that Gee’s remarks would not be tolerated. The letter outlined a remediation plan and said future mishaps will result in punitive action, including dismissal.
Schottenstein said the contract reflects Gee’s contributions to OSU.
“This agreement recognizes Gordon Gee’s distinguished service at Ohio State and underscores his stature as a national leader in higher education,” Schottenstein said in a released statement Monday.
Gee earned slightly less than $1.9 million in the 2011-2012 fiscal year. Gee became president of OSU in October 2007, but previously served as university president from 1990-1997.