The Board of Trustees unanimously approved a pay raise and a bonus for President E. Gordon Gee when they convened Friday afternoon.

Even in the midst of the current economic downturn the university remains aggressive in seeking out and compensating the top academic talent from across the nation. The Board of Trustees had only glowing remarks regarding Gee’s performance in his first year as president. “He has charm, humor and charisma on steroids,” said Gil Cloyd, chairman of the Board of Trustees.

Gee’s salary will increase 3.5 percent, or roughly $27,000 for the current fiscal year. In addition, Gee received a bonus that amounts to 40 percent of his base salary, or roughly $310,000 dollars. The Board of Trustees considered the compensation an investment in the future of the university. Cloyd added that since Gee took over as president the university has saved $94 million through efforts to reduce spending with strategic purchasing.

The board determined Gee’s compensation by weighing his ability to achieve five goals, which include recruiting and retaining top faculty and staff members to the university. The board was impressed by Gee’s achievements within the five goal sets. “He blew the doors off,” Cloyd said.

However, one member of the board expressed reservations about compensation in higher education in general. Jason Marion, member of the board of trustees, questioned the high salaries and bonuses for university presidents across the nation in the midst of an economic crisis. However, Marion remained confident that the university’s money was well spent on Gee.

“Will we get a return on our investment? I believe we will,” Marion said.

Cloyd noted that Gee’s current compensation package makes him the highest-paid public university president. However, Cloyd was also quick to point out that the university’s peer-set includes both public and private universities. Gee’s total compensation, which will be close to $2 million for the current fiscal year, is not as high as the compensation for some private university presidents. Johns Hopkins University President William R. Brody will receive more than $2 million in compensation this year.

Cloyd clarified the president’s compensation package by noting that Gee’s bonus was strictly performance-based and that he wouldn’t have received such a bonus for mediocre achievements. Also, the university avoided using only public funding for Gee’s compensation. Over a 10-year span, one-third of Gee’s compensation will come from private donations.

President Gee expressed his gratitude to the Board of Trustees and the university and set his sights on the future. “It is my honor and privilege to lead a university such as Ohio State,” Gee said. “[The university] will be a great agent of change for 11 million Ohioans.”