Documents: See NKU president Ashish Vaidya's separation agreement
Northern Kentucky University announced recently the upcoming departure of president Ashish Vaidya, despite renewing his employment contract last year to serve through 2027. Now we know that NKU is paying Vaidya roughly three years of salary to depart.
Vaidya and the university "determined that the time is now for a leadership transition," according to NKU's statement. Vaidya said he is moving to California. His last day as university president is Dec. 19.
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You can read through the separation agreement at the end of this story or by clicking here. Vaidya's employment contract, which was renewed last December, is also provided at the end of this story.
Vaidya came to the university in 2017 as NKU's sixth president. His contract was renewed last December for another four years and a one-year extension into 2027.
He will receive a severance package including $1.3 million (half to be paid by Dec. 2 and the other half by Jan. 31) and an additional $28,385 in accrued hours of paid time off. He will return his university-issued car, cell phone and other electronics by Dec. 19.
The university is currently working to find an interim president, ideally by the New Year, NKU board of regents president Richard Boehne told The Enquirer on Monday. This person could be hired from inside or outside of the institution.
A timeline for hiring Vaidya's permanent replacement, which will include a national search, is unclear at this time, Boehne said. But the process will likely start with consulting with a number of internal and external parties to develop a profile and job posting. That work "will start fairly soon" but will take time.
"Because you don't have a president in place doesn't mean everything stops," Boehne told The Enquirer. "Everything moves along pretty well.
"Every transition is an opportunity. You have to look at these as how is this an opportunity to bring in somebody who is focused on what we think is most important over the next three, five, 10 years?"
Vaidya's annual base salary is $450,000 with a yearly performance bonus of $50,000 and a monthly housing allowance of $5,863 ($70,356 annually), according to his contract with the university. The university also provides the president with a car lease, cell phone, health insurance, life insurance, contributions to his retirement plan and other benefits. He is entitled to five weeks of paid vacation and 12 sick days per year.
The separation agreement signed on Nov. 18 states Vaidya's departure was decided mutually and amicably with the university. The agreement included a nondisclosure clause and Vaidya agreed not to sue the university, the board of regents or other university representatives. Both Vaidya and the university agreed not to "make any disparaging statements, oral or written, to anyone concerning or in any way relating to" each other.
"However, Dr. Vaidya acknowledges that the University has no control over the right to free speech of its employees," the document reads.
Separation Agreement by CincinnatiEnquirer on Scribd
President Vaidya Employment Contract by CincinnatiEnquirer on Scribd
This article originally appeared on Cincinnati Enquirer: Documents: See NKU president Ashish Vaidya's separation agreement
