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Rutgers Board Approves Bonus For Ex-President

Rutgers University officials have approved a bonus for the school’s former president.

Rutgers Campus
Rutgers Campus (Flickr user tjdee)

The Star-Ledger reports that Richard McCormick will receive a $66,667 bonus for work during his final year in office.

McCormick left in June. He had been eligible for up to $100,000 if he met three goals set by the Rutgers Board of Governors.

Members of the board say McCormick met the top two goals of securing a medical school for Rutgers and getting a higher education bond question on the November ballot.

Board members say McCormick fell short of the third goal of raising $140 million in private donations for Rutgers.

The 65-year-old historian will join the Rutgers faculty next year, teaching history and education for an annual salary of $335,000.

(Copyright 2012 The Associated Press. All Rights Reserved)

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