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COLUMBUS — Ohio State University’s new president will earn about $1 million annually in total compensation, or about half what his predecessor made, according to a copy of contract released Friday.
Michael Drake, former chancellor at the University of California, Irvine, will receive $800,000 in base pay and $200,000 in deferred annual compensation, according to the contract.
He can also boost his base pay by 25 percent a year by meeting goals which the contract did not spell out. The five-year contract is renewable.
The agreement also includes a $1,200 monthly car allowance, first-class air travel expenses and $50,000 in annual research funds. Ohio State will also pick up Drake’s moving expenses and pay social club dues excluding a golf membership. Drake will also be reimbursed up to $12,000 annually for tax and financial planning services.
Drake, 63, selected Thursday as Ohio State’s 15th president, also receives free housing by the requirement that he live in the president’s residence in suburban Bexley.
Drake’s contract is a bump up from Irvine where he earned $401,000 annually. His housing was also provided in California.
Drake, an ophthalmologist, will also be given tenure in the school’s college of medicine, though he won’t draw a salary and isn’t expected to perform regular faculty duties.
Former Ohio State president Gordon Gee, who retired in July, earned about $2 million a year in total compensation, one of the highest university salaries in the country.