Dr. David Chicoine is taking a big pay cut as he steps down from the presidency of South Dakota State University. Right now he’s making $365,204 as top Jackrabbit. When he returns from his fall 2016 sabbatical to profess economics, he’ll pull down maybe $100,000.
So how will he keep two houses, one outside Brookings, the other in Chicago? Enter Monsanto. According to the annual shareholder’s meeting notice released last Thursday, Chicoine hopes to keep his seat on the Monsanto board of directors, a position he has held since 2009. For his service on Monsanto’s board in Fiscal Year 2015, Chicoine received $122,500 in cash, $122,473 in deferred stock, and $5,000 under the company’s charitable giving match program for a total of $249,973.
All that compensation came even as Monsanto had a financially crappy year:
Net sales down 5%, earnings before interest and taxes down 11%, diluted earnings per share down 8%—I wouldn’t mind getting paid $250K while overseeing lackluster financial performance. I suspect it would be easier than teaching economics.