Penn State’s Board of Trustees on Tuesday approved end-of-term provisions for Penn State President Eric Barron that will provide him with $1 million in payments and a one-year consultancy position upon his retirement.
The resolution approved by the board formally acknowledges terms already included in Barron’s contract.
Barron’s last day in office is May 8, but he will be paid through the end of his contract on June 30. President-elect Neeli Bendapudi will assume the presidency on May 9.
Per the terms of Barron’s contract, he will receive an $800,000 completion payment and a $200,000 retention payment, according to Subcommittee on Compensation Chair Kathleen Casey.
He also elected to exercise an option in his contract to serve as a consultant to the university from July 1, 2022 through June 30, 2023, at his current base salary of $876,612.
Barron will begin to move from Schreyer House, the university-owned residence, around May 8 and Penn State will pay for “reasonable moving expenses,” Casey said.
Trustee Anthony Lubrano abstained from voting on the resolution, while all others present voted in favor.
Appointed in 2014 as Penn State’s 18th president, Barron announced his plans to retire last February. Bendapudi, the former University of Louisville president, was unanimously approved by the board as his successor in December.
