Agreement Reached on A&M President’s TransitionFeatured Stories, News Friday, August 23rd, 2013
A&M President Bowen Loftin and System Chancellor John Sharp have agreed on Loftin’s compensation when he resigns next year.
Within ten business days after Loftin leaves on January 10th, he will receive $850,000 dollars cash. That’s two times his annual salary.
From that point until the 2014 fall semester, Loftin will be a special advisor to Provost Karan Watson. He will be paid $25,875 a month, which works out to about $180,000 dollars.
Beginning with the fall semester next year, as previously reported, Loftin will be a tenured professor in the college of engineering. He will also continue as a special advisor as he creates an institute in conjunction with several A&M System agencies. Combined pay for those duties is $310,000, along with a $50,000 dollar budget.
Upon his departure, Loftin will become President Emeritus and will receive what is written as customary benefits.
He was also given up to $25,000 dollars to pay lawyers and/or tax advisors to assist with the transition.
And he receives up to 12 months of moving and storage expenses.
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