University of Minnesota President Joan Gabel told the U of M Board of Regents she would leave for her new job as chancellor at the University of Pittsburgh on June 30.

That date has certain financial obligations owed to Gabel if she honors her commitment to stay through the end of June.

Under the terms of her contract, if Gabel is still on the job through June 30, she will receive $160,000 toward a supplemental retirement account. She could get another $100,00 if she is given a performance bonus by the chair of the Board of Regents.

That’s a possible total of $260,000 as she leaves the U of M.

Board of Regents member Darrin Rosha asked regents to approve the hiring of an independent attorney to determine if the university could renegotiate the end of her contract. That motion failed on a 9-3 vote.

“The concern is how do we protect the institution, how do we protect state and tuition dollars and make sure we have all of our options available to us to do what makes the best sense for the board as we transition to an interim president?” Rosha said.

When Gabel announced she was leaving the U of M in early April, she gave regents a 90-day notice.

The Board of Regents said it hopes to name an interim president in the coming weeks, and that person would take over their duties on July 1. The board does not expect the interim president to become the full-time leader at the university.