IndyStar.com: IU’s outgoing president will stay on as consultant
Indiana University is to pay President Adam Herbert $300,000 for 10 years of consulting work after he leaves office under a deal he reached with the school’s trustees more than three years ago.
University trustees have started their search for Herbert’s replacement; he plans to step down by the time his contract expires in June 2008 after a rocky relationship with faculty members at the main campus in Bloomington.
The consultant agreement will pay Herbert $30,000 a year, which he and IU trustees President Steve Ferguson said was negotiated soon after Herbert became president in 2003, to help offset retirement benefits that he lost by leaving his job in Florida’s higher education system.
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