Wise Young
02-02-2006, 03:51 PM
http://www.wnbc.com/education/6677004/detail.html
UMDNJ Trustees Approve President's Severance Deal
POSTED: 9:22 am EST February 2, 2006
Email This Story | Print This Story
NEWARK, N.J. -- The outgoing president of the embattled University of Medicine and Dentistry of New Jersey will receive a $600,000 severance package after he leaves at the end of the month under a deal approved Wednesday by the school's trustees.
John Petillo, 58, who announced his resignation last month in a deal hammered out at Gov. Jon S. Corzine's behest, is to depart the country's largest health sciences university Feb. 28.
In the settlement, Petillo agreed to cooperate with the ongoing investigation by Herb Stern, the federal monitor appointed to oversee finances at the university because of allegations of Medicare and Medicaid fraud.
The agreement states that severance payments would be suspended if the monitor finds evidence that Petillo should have been fired. Petillo also stipulates in an addendum that he has not committed acts that would have resulted in his firing.
"The governor appreciates the fact that Dr. Petillo has been cooperative in achieving a fresh start for UMDNJ," said Anthony Coley, a spokesman for Corzine.
The board met last week to discuss the severance agreement, but didn't approve it because Stern wanted to review the agreement, university officials said.
Eric Pennington, interim chairman of the board, said the wants an interim president hired before Petillo departs.
Coley said the governor may appoint new members to the board of trustees in the coming days. There are five vacancies on the 11-member board. He said discussions are ongoing about an interim president.
more...
UMDNJ Trustees Approve President's Severance Deal
POSTED: 9:22 am EST February 2, 2006
Email This Story | Print This Story
NEWARK, N.J. -- The outgoing president of the embattled University of Medicine and Dentistry of New Jersey will receive a $600,000 severance package after he leaves at the end of the month under a deal approved Wednesday by the school's trustees.
John Petillo, 58, who announced his resignation last month in a deal hammered out at Gov. Jon S. Corzine's behest, is to depart the country's largest health sciences university Feb. 28.
In the settlement, Petillo agreed to cooperate with the ongoing investigation by Herb Stern, the federal monitor appointed to oversee finances at the university because of allegations of Medicare and Medicaid fraud.
The agreement states that severance payments would be suspended if the monitor finds evidence that Petillo should have been fired. Petillo also stipulates in an addendum that he has not committed acts that would have resulted in his firing.
"The governor appreciates the fact that Dr. Petillo has been cooperative in achieving a fresh start for UMDNJ," said Anthony Coley, a spokesman for Corzine.
The board met last week to discuss the severance agreement, but didn't approve it because Stern wanted to review the agreement, university officials said.
Eric Pennington, interim chairman of the board, said the wants an interim president hired before Petillo departs.
Coley said the governor may appoint new members to the board of trustees in the coming days. There are five vacancies on the 11-member board. He said discussions are ongoing about an interim president.
more...