Although University System of Maryland officials got rid of bonuses for system Chancellor Robert Caret in early September, there’s a chance Caret will still be eligible to receive almost as much money.
As part of a restructured compensation package, the Board of Regents will set aside $150,000 in 2017 and $250,000 in 2018, which Caret can take after two years if he has neither left for another job nor been fired, The Washington Post reported on Monday.
Caret, who became chancellor in July 2015, has a base salary of $630,000 as well as free residence in the Hidden Waters mansion in Baltimore County and a personal driver. Through 2020, Caret is set to make an additional $400,000 and will continue to receive a 5 percent raise annually, according to the Post.
Regents awarded Caret a $75,000 bonus, $15,000 under the maximum $90,000 available, in a closed-door meeting in June at the end of his first year in the position — a move that was criticized by Democratic lawmakers.
Regent James T. Brady, the board’s chair, said during an August hearing that Caret’s compensation was necessary to prevent him from taking a job leading the University of Massachusetts system, which pays a similar salary despite being smaller, the Post reported.
