Lantern File PhotoOhio State President E. Gordon Gee could make $2M under a pay raise and bonus approved at Friday’s Board of Trustees meeting.
The Ohio State Board of Trustees unanimously approved a pay raise and a bonus Friday for President E. Gordon Gee that could boost his compensation to $2 million a year.
Even in the midst of the economic downturn, the university remains aggressive in seeking out and compensating the top academic talent from across the nation, trustees said. The board had glowing remarks about Gee’s performance in his first year returning 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, to $802,125 for the current fiscal year. In addition, Gee received a bonus that amounts to 40 percent of his base salary, or roughly $310,000. Gee will be eligible for additional bonus money under the plan, which takes effect Oct. 1.
Cloyd noted that Gee’s current compensation package makes him the highest-paid public university president.
The trustees considered the compensation an investment in the future. Cloyd added that since Gee took over as president, the university has saved $94 million through efforts to reduce spending.
The board determined Gee’s compensation by weighing his ability to achieve five goals, which include recruiting and retaining top faculty and staff members.
“He blew the doors off,” Cloyd said.
However, one board member expressed reservations about compensation in higher education in general. Trustee Jason Marion 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.
However, Cloyd was also quick to point out that the university’s peer-set includes both public and private universities. Gee’s total compensation 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 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.”
Jason Cocca can be reached at [email protected].
