Holloway to make $1.2 million in first year as University president
Jonathan Holloway, the University president elect and current provost of Northwestern University, will make approximately $1.2 million for the next academic year when he officially assumes his position, according to an article on NJ Advance Media. He will also receive other benefits, such as a house and a car.
This $1.2 million compensation includes Holloway’s annual base pay of $780,000, a $195,000 bonus guaranteed in his first year and a payment of $185,000 after 90 days to make up for what he will leave when leaving his position at Northwestern University, according to the article.
He will then receive additional bonuses by reaching goals set by the Board of Governors, according to the article. The University will also set aside $275,000 for Holloway to earn if he serves for five years.
Holloway’s annual base pay is higher than that of current University President Robert L. Barchi, according to the article. The total of his payments will most likely make Holloway 1 of the 20 highest paid public college presidents in the country, according to the article.
Holloway also plans to live in the Rutgers presidential house, and will receive a university car and driver for any presidential business endeavors, according to the article.
The University will cover Holloway’s moving expenses, as well as “reasonable and necessary” costs for him to maintain a home office, according to the article. He will also be reimbursed for up to $15,000 in attorney fees from the hiring process.
Apart from serving as the University president, Holloway is given the chance to serve on one for-profit board and one not-for-profit board, which will be dependent on approval from the Board of Governors, according to the article.
Holloway will officially replace Barchi on July 1, and his term currently has no definite end, according to the article. He will remain as the University president until he steps down or is asked to leave by the Board of Governors.
Once he serves for five years, Holloway will become eligible for a one-year sabbatical at his full salary when he decides to step down from his position, according to the article. He can then return as a Rutgers professor. If fired from the University, he would lose his sabbatical and any remaining compensation.
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