Rutgers’ Parting Gift For Tim Pernetti: An iPad, Two Years Of Insurance And $1.2 Million
After video of Rutgers basketball coach Mike Rice conducting what he might call “practice” and we might call “acting like a maniac” surfaced, it was clear that Rice and anyone who knew of Rice’s antics and did nothing had to go. So athletic director Tim Pernetti was sacrificed to the public opinion gods, and we all moved on.
Under his agreement, Pernetti is to be paid his base salary of $453,000 per year through June 2014 and a one-time payment of $679,500 in the next month. He gets the money even if he takes another job.
He also gets his $12,000 per-year car allowance through June 2014 and health insurance and pension payments through October 2015.
Pernetti also gets to keep his Rutgers-issued iPad and laptop computer.
We’ve heard of shamed CEOs of big companies getting fat severance packages, but this seems like a pretty generous deal considering the circumstances. An iPad, huh? We’ve heard those are pretty good for watching videos. In the future, Mr. Pernetti, we advise you to use that crystal clear picture to see exactly what’s going on, and fire your crazy coach before it’s too late. Though if you can keep millions in settlement money, maybe we’re the dumb ones.