New Rutgers President’ $1M Salary Deal Still Less than Football Coach
Rutgers University's new president, Jonathan Holloway, will earn more than his predecessor but not nearly as much as head football coach Greg Schiano.
Holloway takes over from Robert Barchi on July 1 after serving as provost at Northwestern University. He will be Rutgers' first African American president.
According to a term sheet provided by Rutgers University, Holloway will earn an annual base annual salary of $780,000 but several bonuses and perks will push his compensation over $1 million.
- A payment of about $185,000 after his first 90 days to make up salary lost at Northwestern.
- Incentive compensation of up to 25% of base, guaranteed for the first year and discretionary thereafter based on evaluation of performance and achievement of predetermined specific goals and objectives.
- Deferred compensation: $275,000 per year, payable at end of fifth year or upon specified vesting events such as departure, death or disability.
The school will pay up to $15,000 in attorney fees related to his becoming university president.
Holloway will live in the university president's residence or a "suitable alternative" upon moving to New Jersey from Illinois, according to the term sheet. The university will reimburse him "reasonable" moving expenses.
The school will also pay "reasonable and necessary" expenses for a home office and supply a full-size car and driver for university business.
Holloway must also serve on the board of one for-profit organization and one nonprofit.
There is no end date in Holloway's contract with Rutgers. If he steps down after five years he will receive a year's salary.
Barchi's base salary is $705,305 but incentives increase gross pay to $876,644 according to the website Data Universe.
NJ.com was the first news organization to report on Holloway's contract.
Schiano in December agreed to an eight-year, $32 million deal to return to Rutgers. He also receives an auto stipend, a clothing allowance and use of a private jet or first class commercial flight tickets for recruiting. He also received $25,000 in moving expenses and 60 days temporary housing.