FORT COLLINS, Colo.—The former Colorado State University president, who quit last week without explanation, will receive more than $350,000 in pay and benefits under a separation agreement approved by the state.
The Fort Collins Coloradoan reports today that Larry Penley will get 11 months’ base salary, or $356,000; unused vacation and sick time; a $3,333 housing allowance; plus any job expenses under the deal approved by Deputy State Controller Bob Jaros.
Penley’s resignation is effective Nov. 30. He’s said only that he is pursuing other opportunities in higher education. The separation agreement bars both sides from elaborating.
Penley resigned with 1 1/2 years left on his contract.
He took over leadership of the CSU system on Aug. 1, 2003, and was earning $389,000 a year.
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Information from: Fort Collins Coloradoan,
