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.

 

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