UNC President Margaret Spellings will receive a $500,000 separation payment in a departure package approved by the UNC Board of Governors on Friday.
The vote on the package was not unanimous, with several board members dissenting.
Spellings will receive her regular salary and a retirement contribution of $77,500 through March 1. She will also receive relocation expenses of $35,000.
The president said Friday she didn’t know exactly what she would do next, adding, “Well, I’d like to think I’m young enough to have a few more good licks in me.”
She said she’ll have some breathing room to explore other opportunities. “I hope it will be in continued public service,” she said. “I expect it will be back in Texas.”
Spellings will leave on her third anniversary in the presidency. She started the job in 2016 at an annual salary of $775,000. She earned two performance bonuses — $90,000 last year and $95,000 this year.
Her five-year contract was due to run through February of 2021.
According to a report this year in The Chronicle of Higher Education, Spellings was the 13th highest-earning public university president in the United States.