New Ohio State President To Earn About $1 million Per Year


UPDATED: Saturday February 1, 2014 12:13 PM

Ohio State University's new president will earn about $1 million annually in total compensation, or about half of what his predecessor made.
    
The contract for Michael Drake, former chancellor at the University of California-Irvine, includes $800,000 in base pay and $200,000 in deferred annual compensation.
    
The agreement released Friday by Ohio State also includes a $1,200 monthly car allowance and $50,000 in annual research funds.
    
The university also will pick up Drake's moving expenses and pay social club dues excluding a golf membership.
    
The 63-year-old Drake receives free housing by the requirement that he live in the president's residence in suburban Bexley.
    
Former Ohio State president Gordon Gee, who retired in July, earned about $2 million a year in total compensation.

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