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Raise, $204,000 bonus proposed for Ohio State President Drake

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Defiance's picture
November 4, 2016 at 10:56am
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Ohio State University President Dr. Michael V. Drake has earned a 2 percent raise plus his contract's maximum bonus of 25 percent for leading the university through its best year ever, OSU trustees say.

The board of trustees' Talent and Compensation Committee voted unanimously Thursday to recommend a glowing evaluation and an increase in pay for Drake, who became president in June 2014. The full board is to vote Friday.

We all have our favorite administrative types at tOSU but Drake seems like he's doing  a good job of moving things forward at tOSU. Does he deserve a pay raise, that's above my pay grade for sure.

The 2 percent raise would bring Drake's base salary to $832,320 a year. The bonus would be $204,000. Drake could be in for a bigger bonus if he stays for the length of his five-year contract: The original deal called for $200,000 per year in deferred compensation, or $1 million, if he stays for five years.

Trustees praised Drake for a year that included the highest-credentialed and most-diverse freshman class ever, record fundraising, a sharp increase in professional honors for faculty members and Drake's election to the leadership of the Association of American Universities.

"When you look at this past year, he's truly best-in-class," said board Chairman Alex Shumate. "Dr. Drake is the full package."

I'll let you be the judge though. Here's a couple of accomplishments the trustees listed as feathers in Drake's  Scarlet & Gray cap:

Drake's goals for 2015-16 included developing a plan to both increase revenue and cut expenses, making Ohio State more affordable, accessible and excellent, strengthening academics and research, encouraging diversity and building relationships in the community.

The year brought the close of the "But for Ohio State" fundraising campaign, which topped $3 billion, surpassing a $2.5 billion goal. Also, a new, $252 million deal with Nike included $10 million to be spent at the president's discretion, and Drake used it to endow the new Teaching and Learning Institute, which is meant to help instructors develop individualized teaching styles.

Shumate cited Drake's recent election to the vice chairmanship of the Association of American Universities (a post that typically leads to the chairmanship the following year) as evidence that his peers hold him in high regard. "It's not just us saying that we're doing well," Shumate said. "We're on the national radar."

Drake made sure to spread the love and turned the focus back to the faculty and staff that makes things go at tOSU. All in all, Drake seems like he has tOSU headed in the right direction and has enough scratch in his bank account to keep him smiling and driving in style.

Drake thanked Ohio State faculty and staff members for contributing to the university's progress. "As a university, we had a good year," he said after the committee meeting. "We can see and feel progress."

Along with salary and bonuses, Drake's compensation includes a $1,200-per-month car allowance, a social (non-golf) membership at the New Albany Country Club and up to $12,000 annually for financial and tax planning.

Here's a link for the full read. 

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