The Board of Trustees is set to award Former University President Michael V. Drake a performance award of more than $133 thousand. Credit: Courtesy of the University of California
The university Board of Trustees is set to award former University President Michael V. Drake a performance bonus of $133,792.
The Talent, Compensation and Governance Committee approved the bonus to be voted on by the full Board at its meeting Thursday. Drake became president of the University of California system in early August after serving as Ohio State’s 15th president for six years.
The bonus is 15 percent of his annual base salary of $891,946 at Ohio State, according to the meeting agenda. He will receive an annual base salary of $890,000 from the University of California and is taking a voluntary, temporary pay reduction of 10 percent through June 30, 2021 due to the COVID-19 pandemic, according to July, 7 Board of Regents agenda.
Drake also received $200,000, paid into his retirement plan for staying in his Ohio State role through June 29, according to his post-presidency contract approved by the Board in February.
The performance award is subject to full Board of Trustees approval Thursday.
