University of Colorado President Mark Kennedy to receive $1.3 million, end his term July 1
University of Colorado President Mark Kennedy and the system’s board of regents have come to agreement over Kennedy’s departure with the university. Kennedy will end his term as president on July 1 and will receive a $1.3 million lump sum payment.
Kennedy will continue to be paid his current salary up until July 1, and then will be compensated for final pay and unused vacation time.
The board of regents voted 8-1 to approve the departure package.
”It’s been an honor to work with you and the many hard-working people to advance CU,” Kennedy said to the board following the vote. “I think there’s a lot of great things moving forward."
Prior to approving the transition and release agreement, the board of regents debated whether the board and Kennedy should be allowed to break its contract in a motion proposing Kennedy complete his term and serve another year.
Regent Sue Sharkey said the president leaving “without cause” is harmful and costly to the university, and she did not see a valid reason for Kennedy to leave his role at this time.
The motion for Kennedy to serve the remainder of his contract did not pass.
After the board voted to approve the terms of Kennedy’s departure, board chair Glen Gallegos expressed hope that the board will move forward without politics interfering with its decisions.
“I think it’s important that we start to transition again to a board that’s going to look out for its constituents and that’s the University of Colorado, not personal interests or political interests,” Gallegos said.
Kennedy’s departure is following a shift in the board majority from Republican to Democrat. When Kennedy was voted into the role of president in May 2019, it was by a 5-4 vote along party lines.
Gallegos said the board will name an interim president in the next few weeks, refine its search policies as necessary and move forward with its presidential search with a commitment to transparency in mind.
Molly Bohannon covers education for the Coloradoan. Follow her on Twitter @molboha or contact her at email@example.com. Support her work and that of other Coloradoan journalists by purchasing a digital subscription today.