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New Ohio State University president to earn about $1 million, including $800,000 base salary

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    Michael Drake 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.

    ASSOCIATED PRESS

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    Ohio State University board trustee Jeffery Wadsworth, right, presents Brenda Drake, second from right, with flowers as her husband Dr. Michael Drake, third from right, looks on with board chair Robert Schottenstein, left, and interim university president Joseph Alutto after Dr. Drake was voted in as the incoming president of the university during a board meeting at the university Wednesday, Jan. 30, 2014. (AP Photo/Paul Vernon)

    ASSOCIATED PRESS

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    Dr. Michael Drake, left, the incoming president at Ohio State University, shakes hands with Robert Schottenstein, chairman of the Ohio State University board, after Drake was named president during the board meeting Wednesday, Jan. 30, 2014. (AP Photo/Paul Vernon)

    ASSOCIATED PRESS

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    Dr. Michael Drake speaks during a press conference after being named the new president at Ohio State University following a university board meeting where he was voted in at the school Wednesday, Jan. 30, 2014. (AP Photo/Paul Vernon)

    ASSOCIATED PRESS

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    Dr. Michael Drake, the incoming president at Ohio State University, talks during the Ohio State University board meeting after he was named president during the board meeting Wednesday, Jan. 30, 2014. (AP Photo/Paul Vernon)

    ASSOCIATED PRESS

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    Dr. Michael Drake, left, the incoming president at Ohio State University, speaks during the university board meeting after being voted in as president as Robert Schottenstein, board chairman, looks on Wednesday, Jan. 30, 2014. (AP Photo/Paul Vernon)

    ASSOCIATED PRESS

Ohio-State-President-17

Michael Drake 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.

ASSOCIATED PRESS Enlarge

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.

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