COLUMBUS — In a first for Ohio State University, trustees voted to extend President Michael V. Drake’s contract until June 30, 2021 — a two-year extension of his original five-year agreement.
Under the new term sheet, Drake’s salary and bonus structure will remain the same: $832,320 base salary, with annual increases determined by the board, and eligibility for an annual performance award of up to 25 percent of his base salary, the same as under his original contract.
Typically, the Board of Trustees would consider renewal of a presidential term sheet during the final year of the contract.
In extending the president’s contract, trustees cited Drake’s numerous accomplishments in pursuing his 2020 Vision for the university since he became Ohio State’s 15th president on June 30, 2014.
They include a record number of first-year student applications, most outstanding and most diverse new class, and greatest overall student diversity, all for two consecutive years.
All new terms became effective immediately upon the board’s vote of approval.