University of Minnesota Board of Regents finalizes agreements for Ettinger, Gabel
The University of Minnesota’s Board of Regents has finalized the agreements for their incoming and outgoing presidents.
During a special meeting held on Friday morning, regents reviewed a separation agreement with outgoing president Joan Gabel and an employment agreement for Interim President Jeff Ettinger.
Gabel announced her plans to start a new role as Chancellor of the University of Pittsburgh starting on July 1 back in April. Last month, the board chose Ettinger to fill Gabel’s spot as they look for a permanent replacement.
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According to the Board, Gabel’s last day as president will be Friday, June 9, and Ettinger’s first day will be on June 10.
As part of Ettinger’s agreement, he will not only be taking a leave of absence from his position on the Board of Directors for the Hormel Foundation, but also resign from the Board of Directors at Ecolab and The Toro Company due to conflict-of-interest considerations, according to the Board.
Ettinger’s employment agreement ends on June 20, 2024, with an option to have his agreement ended earlier if a permanent president is found before then. His salary will be $400,000.
CLICK HERE for the full employment agreement.
Meanwhile, although Gabel provided the required notice for leaving her position, she won’t receive any additional salary after June 9 or a performance bonus for the 2023 fiscal year. However, she will get $160,000 in retirement contributions because she provided the 90-day notice written into her contract. In addition, she will be paid out for any vacation and personal holiday time she has accrued and not used.
As previously reported by 5 EYEWITNESS NEWS, Gabel could have received $260,000 if she had stayed through June.
The full separation agreement can be found by CLICKING HERE.