Texas A&M University's outgoing President R. Bowen Loftin is going to walk away from Aggieland with $850,000 that the A&M System agreed to pay in August when Loftin announced his resignation.
"He is legally entitled to those funds," university spokesman Shane Hinckley said Friday, a day after the University of Missouri named Loftin as its new chancellor.
Hinckley said he was unable to provide more information on the transition agreement because it was made "between the university system and Dr. Loftin."
The agreement was a two-fold contract that, first, resolved compensation for stepping down as A&M's president on good terms and, secondly, set up Loftin's position as a faculty member after his resignation.
With regard to the first issue, Hinckley confirmed that "the terms are unaffected," allowing Loftin to keep two year's worth of his current salary. That sum was to be paid on or before Aug. 30, which was 10 days after the agreement was signed by Loftin and System Chancellor John Sharp.
Hinckley said the university hasn't had to time to address the second section of Loftin's contract, part of which allowed Loftin to help in the creation of an Institute for Advanced Modeling and Simulation.
Other portions of Loftin's faculty transition included a position as special adviser to the provost with a salary of more than $25,000 per month during the next two semesters. As a tenured professor in the Dwight Look College of Engineering, Loftin was to receive $215,000 annually. Other provisions included $50,000 for a departmental budget and up to $25,000 for legal fees and tax advice relating to the transition agreement.
Loftin is set to make considerably more as the chancellor at Missouri than he would as a tenured professor at A&M. He'll earn $450,000 annually, according to University of Missouri spokesman Christian Basi. That contract was negotiated between Loftin and the University of Missouri System.
The chancellor position at the University of Missouri is equivalent to the president position at Texas A&M.
Because the contract between Loftin and the Texas A&M System did not include a clause related to the president taking another job, it is unclear what will happen to some of the more trivial terms in the contract, such as Loftin being allowed to keep his laptop and iPad.
Hinckley did say that Loftin's move to Missouri -- his new job begins Feb. 1 -- shouldn't conflict with the university naming an interim or full-time president. Hinckley deferred questions about the search for a president to the system spokesman.
Loftin, who will deliver A&M's commencement convocation next week, was unavailable for comment Friday but he did draw a reaction from some Aggies on Twitter.
Friday night, Loftin used his @aggieprez account to congratulate the Missouri volleyball team on its win in the NCAA tournament.
Several Aggies noted how odd it was seeing Loftin rooting for another team, with one Aggie even prompting a reply from Loftin after saying it left her feeling like a jealous girlfriend.
Kyle Shepherd (@kyleshepherd_) responded with "I don't like seeing @aggieprez tweeting about Missouri... #notright."
Hannah Harmon (@MrsHarmon) wrote: "Every time @aggieprez tweets about Missouri, I die a little inside. #dontleaveus #weloveyou #tamu."
And from Samantha Vickory (@SouthernSass125): "@aggieprez, isn't it a little early?"