Golden parachutes for public college presidents burden already thin budgets - John Marcus, Hechinger Report

It was against this backdrop of budget shortfalls that the president, Douglas Baker, was declared by state investigators to have mismanaged the public institution by sidestepping competitive bidding rules to hire consultants who were paid more than $1 million. One charged $250 an hour. Within two weeks of that report’s release, Baker resigned — and, in a closed-door meeting of the university’s board of trustees, was given $587,500 in severance pay, plus up to $30,000 to cover his legal fees. He’s also due a previously unreported $83,287 for unused vacation time, the university acknowledged. That’s a total of $700,787. http://hechingerreport.org/golden-parachutes-public-college-presidents-burden-already-thin-budgets/