Ohio State University recently announced the hiring of its 15th president, Dr. Michael Drake, who is also the institution’s first black president. Drake will take over the reins from Gordon Gee, who resigned after making some controversial comments before a school football game.
Although the Drake hiring is historic, news sources are reporting that Drake will make less than half of what Gee did. Drake is set to earn a base salary of $800,000, while Gee made $2 million a year.
According to Drake’s contract with OSU, he will also earn an annual credit of $200,00 under a deferred compensation agreement. During his agreed upon five-year term, Drake is also slated to be eligible for up to a 25 percent of his base compensation annual performance award for reaching “mutually agreed-upon performance targets and goals.”
An ophthalmologist by trade, Drake has been granted tenure in the OSU College of Medicine, Department of Ophthalmology and the College of Education and Human Ecology, however during his time as president, he will not receive any tenured employment compensation or be expected to perform “substantial” faculty duties.
Drake’s contract also states that he will be provided with laboratory space in the College of Medicine, as well as research funds up to $50,000 per year for as long as he is president.
His term is scheduled to start June 30.
While $800,000 is nothing to sneeze at, we can’t help but note the difference in pay. Thoughts on this?
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