When Gordon Gee retired from Ohio State's presidency last summer, he received a generous retirement package worth $5.8 million. Thanks to his career moves after leaving Ohio State, that package will be about 70% less lucrative.
Gee's retirement package will now be worth $1.7 million. According to the Springfield News-Sun, the savings came about because Gordon Gee accepted a position as the interim president of West Virginia University, triggering a renegotiation of his contract:
His new job triggered a renegotiation of the $5.8 million retirement package that Gee and OSU settled on last July. Details of the revised agreement were reached March 26 but released Friday by OSU.
Gee will retain the honorific title of president emeritus, be provided executive health care insurance for life as long as he’s not covered by another job and keep the $800,000 OSU already contributed to his retirement plan as well as salary, grant money and moving expenses paid out last year.
Four weeks is an awfully long time to wait to announce the savings. Nevertheless, Ohio State could use $4.1 million dollars, and $1.7 million is a pittance compared to some other executives' golden parachutes.