(JTA) – Brandeis University’s retiring president, Frederick Lawrence, will continue to be paid for nearly two years after he steps down on July 1.
Lawrence, who will have served for five years at Brandeis’ helm, will receive paid sabbatical through fiscal year 2015, continued housing and full salary for nine months following his sabbatical, the university board of trustees announced at a faculty meeting in late April, according to The Justice, the university’s student newspaper.
In exchange, Lawrence will cooperate with recruiting efforts, assist the new president and help with future fundraising initiatives, the newspaper reported. Lawrence’s total compensation for 2014 was $1,004,593, the report said.
It’s not uncommon for university presidents to receive compensation packages upon stepping down.
In response to questioning from a faculty member about Lawrence’s compensation package, Perry Traquina, chairman of the Brandeis board of trustees, suggested that the pay was part of a strategy to attract a high-caliber person to be the next president of the suburban Boston school.
“How do you get a great person to come here if you’re not going to pay them a competitive wage?” Traquina asked, according to The Justice.
Lawrence will be succeeded by Lisa Lynch, a provost at Brandeis who will serve as interim president until a permanent successor can be found. The university recently announced the composition of its 14-person search committee, which will be chaired by Larry Kanarek, a former senior director at McKinsey & Company, and assisted by the executive search firm Spencer Stuart.