Now that Chancellor Emeritus Salvatore Rotella has made the decision to retire next year, where will he go next?
Usually, when business executives retire, to compensate them for their years or months on the job, they are given an offer by the board of directors to step down gracefully. The board of directors will usually offer some financial incentive so that they can continue to maintain their pre-retirement lifestyle. This is called the “golden parachute.” The Board of Trustees’ offer to Rotella was of the golden parachute sort.
Chancellor emeritus is a largely salutary title, but the title comes with a yearly stipend to the tune of $100,000 plus expenses and health insurance. Not bad for a half-time job.
What Rotella has agreed to do in exchange for this stipend is remarkable, however; he is to work half time for the next two years to ease the transition to a new chancellor, assist in administering the Riverside Community College Foundation, continue developing the School for the Arts and the Law Enforcement Program, and just be there in case the Board needs some help with something.
With all that, when’s he going to find the time to be retired?