Chicago State University president gets $600,000 in resignation agreement
CHICAGO — Trustees at financially troubled Chicago State University have voted to approve a separation agreement with President Thomas Calhoun Jr. that includes a $600,000 payment.
The Chicago Tribune reports trustees voted 6-1 Friday to accept Calhoun’s resignation. They are scheduled to choose an interim president later Friday.
Calhoun was paid $300,000 a year. His contract included wording that Calhoun could be removed without cause and accept two years of salary to leave immediately.
It wasn’t immediately clear why Calhoun left the position. He and the school did not provide details.
The departure comes after a troubled year for the school. In February it declared a financial emergency and about 40 percent of its employees have been terminated of laid off since the beginning of the year.