The iPad Golden Parachute
Former Rutgers Athletic Director Tim Pernetti has reached a settlement with the university, and the good news is that he gets an iPad. Oh, and US$1.2 million, some insurance, and a car allowance, but when the AP found details of the settlement, it was the money and the iPad that made the headline.
"Former Rutgers AD Pernetti getting $1.2M, iPad" reads the title, and we find it interesting that the iPad earned a spot not only in the title, but was a line item in the settlement itself.
Mr. Pernetti resigned from his position as Athletic Director for Rutgers after a video was made public showing basketball coach Mike Rice hurling basketballs at his players, shoving them, and belittling them with homophobic epithets. You can see the video (it's not pleasant) below the fold.
In any event, Mr. Pernetti resigned in the wake of the scandal. His settlement includes his salary of $453,000 per year through June of 2014, a one-time payment of $679,500, $12,000 per year in car allowance, and his health insurance and pension payments through October of 2015.
And don't forget the iPad. It was issued by the school, but Mr. Pernetti will be keeping it. You'd think that he could have picked one up with his one-time payment, but owners of Apple devices tend to take those devices personally.
For additional details on the settlement, read the full AP story at WTOP's website.
Thanks to Lee Dronick for the heads up, and thanks to Shutterstock for help with the image.