Nice parachute you got there.
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It will be a happy new year for Joseph Shepard, the outgoing president of Western New Mexico University (WNMU), who is scheduled to receive a $1.9 million lump-sum payment on January 15 as part of a severance package after resigning amid allegations of "wasteful" and "improper" spending. Under the agreement, which the public university's five-member Board of Regents unanimously approved on December 20, Shepard, who had been receiving about $415,000 annually in salary and bonuses as WNMU's president, will step down into a tenured position paying him $200,000 a year to teach a couple of business classes each semester. The salary is guaranteed for at least five years, adding another $1 million to the cost for taxpayers.
That sweetheart deal for Shepard came a month after a scathing report from New Mexico State Auditor Joseph M. Maestas highlighted $214,000 in travel spending that violated WNMU's own policies, along with another $150,000 or so in improper charges on university credit cards. One example of the former: The university spent $25,500 in taxpayer money for six staff members to undergo training at a Ritz-Carlton resort in Palm Springs, California. Searchlight New Mexico, which has been digging into WNMU's spending practices for more than a year, notes that the same course was available online.
He is Valerie Plame's third husband.
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I'm thinking jail is a more appropriate remedy, not a $200K cake jobs for life.
Why in the world would you want this guy teaching business?
