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OSU And Former President Gordon Gee Iron Out Retirement Package
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Gordon Gee’s retirement agreement with Ohio State means the former university president gives up $3,000,000 he was owed. The multi-million dollar agreement announced this week will allow Gee to stay on with the university for another five years.
When Gee was hired in July of 2007 the board of trustees agreed to pay him “deferred compensation” and supplemental retirement amounting to hundreds of thousands of dollars annually. When he left the school’s top post Gee claimed the university owed him more than $4.400,000. Under terms of the negotiated retirement agreement, Gee waives claims to that money in return for one-time pay-out of $1,500,000. He will also receive a $410,000 annually for the next five years.
Ohio University economist, Richard Vedder, says Gee’s retirement compensation raises what he calls “intereresting questions of publlic policy.”
“It’s sort of borderline outrageous and it’s symptomatic of what universities are doing these days whch are signing huge contracts and paying huge amounts of money to university personnel,” says Vedder.
Vedder adds that the total $5,800,000, five year contract, for Gee is “many times” what the Governor of Ohio is paid. OSU officials, including board chair Robert Schottenstein, were unavailable for comment.
For the first year of his new contract Gee will be on special assignment determined by Schottenstein and current OSU president, Joseph Alutto. Gee will also have tenure as a law professor at the Moritz College of Law.
Gee also agrees to fund the remainder of his $1,000,000 dollar pledge to the school’s scholarship fund. So far he has paid $286,000 of that pledge. The university will re-imburse Gee for what it calls “reasonable moving and storage expenses.” He must vacate the university’s president’s house in Bexley by September 30th.
Gee retired earlier this month after being reprimanded for making remarks disparaging Catholics, Notre Dame University, the Southeastern Conference and others.