By Olivia Krauth–
President James Ramsey defended himself against negative press coverage of U of L’s deferred compensation plan in a early U of L Board of Trustees meeting today.
Saying he felt his “integrity” was being attacked, Ramsey explained how he, among other U of L employees, receive deferred payment outside of his $650 thousand yearly base salary. To a crowded conference room, he explained how these payments act as means of retention for “key employees.”
U of L’s Board of Trustees sets goals for Ramsey and then evaluates his progress. If met, the Board requests a bonus for Ramsey from the University of Louisville Foundation. Some of these bonuses are held onto until a target date is met to encourage retention.
One of these bonuses for Ramsey were for $1 million if he stayed until 2012. Since, he receives an additional $100 thousand a year for 10 years. ULF is a nonprofit organization worth $1.1 billion.
The meeting, a late addition to today’s schedule of multiple BOT meetings, may have been sparked by WDRB’s Chris Otts’ coverage of the deferred payments for Ramsey’s Chief of Staff, Kathleen Smith, as well as outgoing Provost Shirley Willihnganz.
Editor’s note: Chris Otts is a current member of the Cardinal’s Board of Directors.