It took Ohio State a calendar year to travel from one president to the next.

Dr. Michael Drake will assume his new position as Ohio State president Monday, a day less than a year since E. Gordon Gee’s retirement from the position July 1, 2013. Joseph Alutto became the interim president the day Gee retired.

Drake will be OSU’s 15th president and its first black president. He is set to earn an annual base salary of $800,000 during his five-year term and is also eligible for a $200,000 bonus each year alongside an annual credit of $200,000 under a deferred compensation agreement.

Drake’s contract also includes stipulations such as research funding, housing and an automobile stipend.

With the agreement, Drake will earn roughly half of Gee’s $1.9 million before Gee stepped down as president last July. Alutto earned a base salary of $625,000 as interim president.

Gee announced his decision to retire from OSU days after controversial comments he made at a Dec. 5, 2012, OSU Athletic Council meeting came under public scrutiny. Remarks about Notre Dame and the Southeastern Conference in particular brought national attention.

Drake currently serves as the chancellor of University of California Irvine.

Editor’s note: This timeline will be updated as The Lantern continues to cover the presidential transition.