Two University of Akron foundations to buy out former president's contract for $850,000
Two University of Akron foundations will buy out former President Luis Proenza from the remaining years of his six-figure contract, relieving the strain of his salary on the university's general fund budget.
Proenza will give up a guarantee of about $2.5 million for a one-time payment of $850,000, a statement from the university said Tuesday night.
Proenza is on leave this semester, taking no salary, and will retire effective Jan. 1, pending approval by the Board of Trustees on Wednesday.
Proenza, who stepped down as president in 2014 after 15 years, had returned to the faculty and was guaranteed annual payments through 2027 of $341,445, plus a $50,000 administrative stipend that was privately funded.
Read more: https://www.beaconjournal.com/story/news/2020/10/13/luis-proenza-retire-ending-university-akron-contract-early-owed-him-millions/3645051001/
(Akron Beacon Journal)
= new reply since forum marked as read
