Outgoing Rutgers University President Richard McCormick has received a new job and title.

The board of New Jersey's largest university voted Wednesday to appoint McCormick as a professor of history and education. They also approved a resolution naming him the school's president emeritus.

McCormick will earn $335,000 a year under his contract that guaranteed he would be the highest-paid professor if he returned to the classroom. He currently earns $550,000 a year.

McCormick will step down at the end of the month after nearly a decade in office.

He'll be succeeded by Robert Barchi in September. The former president of Thomas Jefferson University in Philadelphia will be paid $650,000 a year at Rutgers.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)