The University Record, February 25, 1997
U bound by contracts
In a matter related to executive compensation, Regent Philip H. Power read a statement at last week’s Regents’ meeting, indicating that independent counsel had found that employment agreements executed by former President James J. Duderstadt are, “with one exception, legally binding undertakings by the University of Michigan. The Regents intend to respect this legal opinion.”
He also noted that Farris W. Womack had announced his retirement effective Feb. 28, 1997, and that Walter Harrison, vice president for university relations, and Thomas C. Kinnear, vice president for development, “do not intend to exercise the provisions” in the agreements related to administrative leave.
