Rutgers Board Approves Bonus For Ex-President
Rutgers University officials have approved a bonus for the school’s former president.
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)