Gee deal saves Ohio State millions

Ohio State University president Gordon Gee gives his retirement speech during the board of trustees meeting Friday, June 7, 2013, in Columbus, Ohio. (AP Photo/Jay LaPrete)
Ohio State University president Gordon Gee gives his retirement speech during the board of trustees meeting Friday, June 7, 2013, in Columbus, Ohio. (AP Photo/Jay LaPrete)

COLUMBUS, Ohio (AP) – Ohio State University expects to save millions of dollars because former president Gordon Gee is giving up part of his retirement package as he becomes president of West Virginia University.

Gee stepped down at Ohio State last year and agreed to a deal worth $5.8 million over five years, including an annual salary of $410,000 and a $300,000 annual grant for research and other expenses.

A spokesman said Friday that Ohio State anticipates saving about $4 million because its obligation to meet some of those terms ends when Gee becomes WVU’s president this summer. Gee has been interim president there for months.

The move doesn’t change Ohio State’s $800,000 payment to a retirement plan for Gee’s benefit. His deal also provides lifetime health insurance benefits when he’s not employed elsewhere.

 

WDTN.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s