Rutgers’ new prez gets only $1.2 million so he needs free house (Opinion)
If you or a loved one goes to Rutgers and spends lots of money to be there, sit back and let the compensation and perks package of the university’s new president sink in.
Jonathan Holloway takes over as president July 1st. In his first year he will be paid nearly $1.2 million, according to a report on NJ.com. That’s $780,000 in salary plus a guaranteed bonus of $195,000, and another check for $185,000 in reimbursement for deferred compensation due to leaving his last position.
You’d think you could afford to buy your own home with that kind of coin, right? Nooooo.
He also gets a free home to live in. He will reside in Rutgers’ presidential house. It’s 14,000 square feet. (How big is your home? You know, the one you raised your kid in who’s now going to Rutgers on student loans?) He will be given a car. With that car comes a driver for all university business.
He also gets five weeks vacation. (How long did it take you to build up five weeks vacation?) The new Rutgers prez even gets moving expenses paid and gets money to maintain a home office. Attorneys fees he paid in negotiating his deal? $15,000 towards those, according to NJ.com.
Perhaps the sweetest part of his deal is this. If he stays on the job for just five years he gets a check for $1.4 million dollars. Then if he left after five years he also gets a one year paid sabbatical at full salary.
Is your head spinning yet? If not, let it sink in a little longer. You’ll get there.
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