University of Michigan President Mark Schlissel signed a contract with the Board of Regents on September 23, guaranteeing he will receive his same salary of $ 927,000 for two years after his resignation in June 2023, according to a copy. of the contract obtained by Michigan. Daily.
Schlissel announced on Tuesday that he would resign in June 2023, a year earlier than originally planned. The board and Schlissel held a public meeting on September 23, but made no mention of Schlissel’s planned resignation or the signing of a new contract.
“After discussion with the board, I decided this was an appropriate time,” Schlissel wrote in an email to the university community on Tuesday. “The new horizon gives the board time to consult with our community, reflect on the future, and plan and research my successor in depth, while allowing us to build on the important and urgent efforts underway.” . ”
After resigning from his role as President on or before July 1, 2023, Schlissel will become President Emeritus, a role in which he “will engage in a variety of activities in support of the University as well as to continue (his ) role of ambassador of higher education more generally ”, according to the contract.
Under the terms of the contract, as President Emeritus, the University will pay Schlissel $ 36,000 per fiscal year “to be used at (its) discretion to support (his) activities as President Emeritus”. It will also have an office space on the Central Campus, a parking space and an office assistant. The money, desk and desk assistant will be for an initial term of seven years until July 1, 2030, with automatic renewal every three years, unless terminated or changed by the Board of Directors. regents.
In his first year after his resignation, Schlissel will serve as a special advisor, working under the Board of Regents to “advance the interests of the University, support a new president to ensure a successful transition, and perform other reasonable and appropriate duties. “, according to the contract. Although Schlissel serves as special adviser, he will also receive a monthly housing allowance of $ 5,000, as he must vacate the Presidential House of the University of the South no later than 30 days after the end of his presidency.
If a new chairman is appointed after January 1, 2023 and before Schlissel’s resignation date of July 1, 2023, Schlissel will immediately start as special advisor.
After completing his term as special adviser, he can go on a one-year leave – paid at the rate of his current presidential salary. He can then return to the University as a full member of the Department of Microbiology and Immunology and the Department of Molecular, Cellular and Developmental Biology.
Under the terms of the contract, the University will provide Schlissel with a seed fund of $ 2 million – which he can begin to use while serving as a special advisor – to establish a research laboratory for his tenure as full professor. His salary as a full faculty member will be at least 50% of his current presidential salary.
If Schlissel decides to retire on or after June 30, 2023, his service requirements will be waived. His retirement plan currently provides that “the University will match the President’s five percent contribution with the University’s ten percent contribution on salary up to $ 290,000,” according to the contract.
Daily News Editor-in-Chief Jasmin Lee can be reached at email@example.com.