Not only did the new CUNY chancellor score a sweet deal when he landed in New York City, he’s got a golden parachute if he bails out — or even gets fired.
The CUNY board agreed to pay James Milliken a full year’s salary if he stays at least five years at the helm of the public university system.
“You would be entitled to an immediate one-year sabbatical at your then-current salary,” according to the January appointment letter sent to Milliken by CUNY board chair Benno Schmidt and obtained by The Post.
He will get the payout if he leaves voluntarily, becomes completely disabled or is fired without cause.
Milliken, who started work June 1, lives in a four-bedroom Upper East Side apartment paid for by CUNY at a cost of $18,000 a month. He also has a car and driver.
Milliken, whose salary comes to $670,000 a year, was encouraged by Schmidt to “pursue outside activities, such as corporate and other board memberships.”
The chancellor already sits on the board of the Valmont Corp, an Omaha company that produces metal products. He received $221,991 in cash and stocks for his service in 2013, documents filed with federal regulators show.
Milliken headed the University of Nebraska before he was hired by CUNY in January.
He replaced Matthew Goldstein, who retired in 2012, and received his full pay of $490,000 for one year. CUNY characterized the compensation as a “study leave” and said Goldstein negotiated the sabbatical when he first became chancellor in 1999 but never took the time off.
When asked why the new CUNY chancellor was provided with a golden parachute, a spokesman said, “the Chancellor serves at the pleasure of the Board with no proscribed term and no contract.”