Although University President Michael V. Drake may be stepping down as Ohio State’s leader, he will not immediately go without some of the position’s benefits — including his presidential salary.
The Board of Trustees’ Talent, Compensation and Governance Committee approved an amendment to Drake’s contract that could pay up to $3.3 million — excluding benefits — from when he leaves office June 30, 2020 till June 30, 2024, pending full Board approval Thursday.
Drake — who announced his retirement in November 2019 — will keep his current base salary of $891,946.20 for one year, serving as president emeritus.
His duties as president emeritus will include “continuing to serve as a national leader in higher education; providing strategic advice and counsel as requested by the president of the university; providing advice and counsel on large scale issues in higher education; advocating on higher education policies: and furthering the university’s land grant mission,” the amendment reads.
If Drake stays at Ohio State past July 1, 2021, he will serve as a tenured distinguished professor in the Colleges of Medicine and Health and Human Ecology, according to the contract. He can earn up to $1.8 million in this position through June 30, 2024.
According to the amendment, the university will contribute $200,000 to Drake’s retirement fund if he stays in his position as president through June 30, 2020 and an additional $200,000 if he serves as president emeritus through June 30, 2021.
He will also be eligible for an annual performance award in 2020, which could be as much as $222,986.84, according to the amendment. His salary in 2021 and beyond will not be eligible for the bonus.
Drake will be provided with an annual research and education fund of $50,000 through June 30, 2024.
Drake will also be given a “Platinum A” parking pass and access to the Wexner Medical Center Executive Health Program for him and his wife.
The amendment is pending full Board approval Thursday.