Updated Fri, Jan 31, 2014 4:37 pm
UPDATE 4:35 p.m. Ohio State University's new president will earn about $1 million annually in total compensation, or about half of what his predecessor made.
The contract for Michael Drake, former chancellor at the University of California-Irvine, includes $800,000 in base pay and $200,000 in deferred annual compensation.
The agreement released Friday by Ohio State also includes a $1,200 monthly car allowance and $50,000 in annual research funds.
The university also will pick up Drake's moving expenses and pay social club dues excluding a golf membership.
The 63-year-old Drake receives free housing by the requirement that he live in the president's residence in suburban Bexley.
Former Ohio State president Gordon Gee (gee), who retired in July, earned about $2 million a year in total compensation.
Ohio State University trustees have named a California educator as the university's next president.
The trustees ended a six-month search by approving the selection of Michael Drake, chancellor of the University of California at Irvine, as the 15th president of Ohio State. Trustees voted in favor of Drake at a meeting Thursday.
Drake succeeds former president Gordon Gee, who retired in July after remarks he made jabbing Roman Catholics and Southeastern Conference schools were made public. Gee is now interim president at West Virginia University.
Drake is an ophthalmology professor who also is a published textbook author. He was named the fifth chancellor of the University of California, Irvine in 2005, where he also served as a professor.