Former Chancellor Beverly Davenport could be released from the university permanently with a $1.33 million settlement, according to a statement from the UT System on Friday.
The UT Board of Trustees Audit and Compliance Committee will vote on the recommended settlement on Tuesday, June 5. UT System President Joe DiPietro suggested the separation agreement, which will end Davenport's employment almost a month ahead of her recent departure date of July 1.
Davenport's appointment letter previously allowed her to accept a faculty position for an indefinite period of time after serving as chancellor. This would allow her to receive about $2 million in salary and benefits during the first four years of her faculty appointment and beginning the fifth year, she would receive an annual salary of $164,632.
“I believe it is important for us to reach this agreement to allow everyone to move forward,” DiPietro said in a statement.
No taxpayer dollars, no student tuition or fees, and no donor funds will be used to fund the separation payment, the statement said.
If the board votes in favor of the settlement, Davenport will leave the university on Tuesday.