Forsee turns down bonus

Posted to On Campus by Josh Barone at 1:42 p.m., Feb. 24, 2009

UM system president Gary Forsee said he will not accept the $100,000 bonus he is contractually entitled to receive each year.

Forsee's contract allows for an annual $100,000 budget if he meets certain performance-based criteria, in addition to his $400,000 salary. Forsee also received an approximate $55 million severance payment from Sprint Nextel Corp., of which he was the CEO from 2005-2007. He also announced he does not want a salary increase from 2009 to 2010.

Since becoming the system's president a year ago, Forsee has implemented new measures to guide to the university through the economic downturn and budget shortfalls.