carpe kid
Member # 018
- First Name
- Brandon
- Last Name
- Eckardt
Kudos to Gary Forsee.......This was taken from the Post.
University of Missouri system President Gary Forsee has turned down a performance-based bonus worth as much as $100,000 and has told the Board of Curators that he is not interested in receiving one next year either.
Forsee receives a base salary of $400,000. His five-year contract also calls for him to be eligible for as much as $100,000 in bonus pay every year if he meets certain performance-based criteria.
"He felt like given the current economic times, it would be better if he did not accept it," said Warren Erdman, chairman of the board's compensation and human resources committee. "Gary's forgoing of the performance payout was an act of great generosity. We are all very glad to have him as the president of the university."
Since Forsee became president a year ago, he has helped steer the university through the economic downturn. In recent months, he has instituted a hiring freeze at the university's four campuses and limited expenditures such as travel. The board also recently approved his recommendations for a salary freeze and to begin requiring employees to contribute 1 to 2 percent of their salaries into the pension plan. The latter decision led to his first major rift with faculty members, many of whom were upset by the change.
The Board of Curators also has given Forsee the power to furlough employees through June 30 if the university's financial picture dramatically worsens. But a furlough is highly unlikely because Gov. Jay Nixon's plan to fill the state's current budget gap does not include cuts to higher education.
The board evaluated Forsee's performance during a closed meeting in Columbia a couple weeks ago. But Forsee told the board about a week prior that he would forgo the $100,000 bonus, decline any possible salary increase and waive a bonus the following year.
Still, each board member evaluated Forsee in nine areas. Erdman said the weighted average of those scores landed Forsee in the category of "exceptional performance" — the highest of four categories the board used.
So, if Forsee had accepted the bonus, Erdman said, he would have been eligible for nearly the entire $100,000.
Forsee, who was forced to step down as CEO of Sprint-Nextel in 2007, received $40 million from the company when he left, according to Forbes Magazine. That exit package includes an $84,000-a-month pension for life.
Forsee is not the university's highest-paid employee. Eight people who work at the university's hospital in Columbia have a higher base salary than he does. And Gary Pinkel, MU's football coach, has a total compensation package of $2.5 million.
University of Missouri system President Gary Forsee has turned down a performance-based bonus worth as much as $100,000 and has told the Board of Curators that he is not interested in receiving one next year either.
Forsee receives a base salary of $400,000. His five-year contract also calls for him to be eligible for as much as $100,000 in bonus pay every year if he meets certain performance-based criteria.
"He felt like given the current economic times, it would be better if he did not accept it," said Warren Erdman, chairman of the board's compensation and human resources committee. "Gary's forgoing of the performance payout was an act of great generosity. We are all very glad to have him as the president of the university."
Since Forsee became president a year ago, he has helped steer the university through the economic downturn. In recent months, he has instituted a hiring freeze at the university's four campuses and limited expenditures such as travel. The board also recently approved his recommendations for a salary freeze and to begin requiring employees to contribute 1 to 2 percent of their salaries into the pension plan. The latter decision led to his first major rift with faculty members, many of whom were upset by the change.
The Board of Curators also has given Forsee the power to furlough employees through June 30 if the university's financial picture dramatically worsens. But a furlough is highly unlikely because Gov. Jay Nixon's plan to fill the state's current budget gap does not include cuts to higher education.
The board evaluated Forsee's performance during a closed meeting in Columbia a couple weeks ago. But Forsee told the board about a week prior that he would forgo the $100,000 bonus, decline any possible salary increase and waive a bonus the following year.
Still, each board member evaluated Forsee in nine areas. Erdman said the weighted average of those scores landed Forsee in the category of "exceptional performance" — the highest of four categories the board used.
So, if Forsee had accepted the bonus, Erdman said, he would have been eligible for nearly the entire $100,000.
Forsee, who was forced to step down as CEO of Sprint-Nextel in 2007, received $40 million from the company when he left, according to Forbes Magazine. That exit package includes an $84,000-a-month pension for life.
Forsee is not the university's highest-paid employee. Eight people who work at the university's hospital in Columbia have a higher base salary than he does. And Gary Pinkel, MU's football coach, has a total compensation package of $2.5 million.
