PSU President Will Make $515K Annually

Penn State President Rodney Erickson will be paid $515,000 annually through June 2014 and then step down from the position.

The school's Board of Trustees announced Tuesday that Erickson had signed the deal, which includes possible raises based on his annual evaluations. The contract also calls for the use of a university car and "standard benefits" for school executives.
 
Erickson, in an interview with the Pittsburgh Post-Gazette on its website, said he planned to step down as president when the contract expires.

Erickson was promoted from provost to president on Nov. 9 following the resignation of Graham Spanier in the aftermath of child sex abuse charges against retired defensive coordinator Jerry Sandusky.

The announcement came a day before he takes part in three meetings with alumni, including two in Pennsylvania and one in New York.