University of Michigan President Mark Schlissel signed a contract with the Board of Regents on Sept. 23 guaranteeing that he will be paid his same salary of $927,000 for two years after his resignation in June 2023, according to a copy of the contract obtained by The Michigan Daily.
Schlissel announced Tuesday that he will resign in June 2023, a year earlier than originally planned. The Board of Regents and Schlissel held a public meeting on Sept. 23 but made no mention of Schlissel’s planned resignation or the signing of a new contract.
“After discussion with the Board of Regents, I decided that this timing is appropriate,” Schlissel wrote in an email to the University community on Tuesday. “The new horizon gives the Board time to consult with our community, think about the future and thoroughly plan and conduct a search for my successor, while allowing us to continue momentum on important and time-critical efforts that are underway.”
After stepping down as president no later than July 1, 2023, Schlissel will become President Emeritus, a role in which he “will be engaging in a variety of activities in support of the University as well as continuing (his) ambassadorship of higher education more generally,” according to the contract.
Per the terms of the contract, as President Emeritus, the University will give Schlissel $36,000 per fiscal year “to be used in (his) discretion to support (his) activities as President Emeritus.” He will also be given an office space on Central Campus, a parking space and an office assistant. The money, office and office assistant will be for an initial term of seven years through July 1, 2030, with automatic renewal every three years unless terminated or modified by the Board of Regents.
In his first year after resignation, Schlissel will serve as a special advisor, working under the Board of Regents to “promote the interests of the University, support a new president in ensuring a successful transition, and perform other reasonable, appropriate duties,” according to the contract. While Schlissel serves as special advisor, he will be paid his current presidential salary and also receive a monthly $5,000 housing allowance, as he must move out of the presidential house on South University no more than 30 days after ending his presidency.
If a new president is appointed after Jan. 1, 2023 and before Schlissel’s resignation date of July 1, 2023, Schlissel will start immediately as special advisor.
After he finishes his term as special advisor, he can go on leave for one year — paid at the rate of his current presidential salary. He can then return to the University as a tenured faculty member in the Microbiology and Immunology department and the Molecular, Cellular and Developmental Biology department.
Per the terms of the contract, the University will provide Schlissel with a $2 million starting fund — which he can begin using while serving as special advisor — to establish a research laboratory for his tenured faculty position. His salary as a tenured faculty member will be at least 50% of his current presidential salary.
If Schlissel decides to retire on or after June 30, 2023, his service requirements will be waived. His retirement package currently provides that “the University will match the President’s five percent contribution with a ten percent University contribution on salary of up to $290,000,” according to the contract.
Daily News Editor Jasmin Lee can be reached at email@example.com.