Ohio University President Hugh Sherman’s base salary, effective June 14, is set at $489,000 per year for the duration of his two-year term, according to his employment agreement obtained by The Post.
Sherman’s salary is subject to increases, as OU’s financial situation allows, by the Board of Trustees through its annual review of his salary. Any increases are based upon his performance evaluations as president. However, the Board can never decrease his salary as a result of this process.
University spokesperson Carly Leatherwood said the negotiations regarding Sherman’s salary were discussed by the Board in executive session, which are not subject to public release.
Sherman’s salary is nearly the same as outgoing President Duane Nellis’ base salary, though Nellis agreed to take a 15% pay cut to his base salary in 2020. This pay cut reduced Nellis’ salary to $415,953.
While Sherman will remain a tenured faculty member in the College of Business, he will not receive any additional compensation for his faculty appointment during his presidency. When his term as president ends June 30, 2023, Sherman will be able to continue his employment as a tenured faculty member.
Before returning to a faculty position, Sherman will be given the opportunity to take a 12-month sabbatical in recognition of the interruption of his previously granted sabbatical by his appointment as president, according to his agreement. If Sherman takes the sabbatical, he will be paid his prior salary as dean of the College of Business, which was $257,056 in 2020, according to The Post’s salary guide.
After his sabbatical, Sherman will be required to return to the university as a faculty member for at least one year. If he takes a paid position outside of OU during his sabbatical or within one year of his return, he will have to pay back any salary already earned during the sabbatical.
Throughout the duration of Sherman’s final year as president, OU will begin a search for the president who will be appointed the following year, according to his employee agreement. Sherman may be considered for this position if he is invited to submit an application by the Board.
Ryan Maxin contributed to this report.