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 today by Ohio State also includes a $1,200 monthly car allowance and $50,000 in annual research funds. The university will also 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 Bexley. Former Ohio State president Gordon Gee, who retired in July, earned about $2 million a year in total compensation.