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TULSA, Okla., November 14, 2008 – Oral Roberts University (ORU) today announced the finalization of the Separation Agreement with its former President, Dr. Richard L. Roberts. Based upon information and advice from an independent compensation consultant, ORU has agreed to pay Roberts his $223,600 annual salary for the remaining term of his appointment through November 2009. These payments will be off-set against the fair market rental value of ORU property occupied by the Roberts family following his resignation.
The Separation Agreement was concluded following an extensive review and accounting which revealed that certain personal and travel expenses incurred prior to 2004 had not been billed to or paid by Roberts. The Separation Agreement confirms the payment by Roberts to ORU of these expenses and interest in the amount of $23,179.
Roberts was initially elected by the ORU Board of Regents to serve as President and Chief Executive Officer of the University in 1993. He was reappointed for succeeding three-year terms by the ORU Board of Regents at subsequent annual meetings, beginning November 1994. After serving one year of his most recent three-year appointment, Roberts voluntarily resigned his employment and offices with ORU on November 23, 2007
"It is common practice for a corporation, such as ORU, to compensate a departed President or CEO," said Morey Villareal, of Villareal & Associates, the independent consulting firm selected by ORU based upon their expertise in management and executive compensation. "The compensation to Dr. Roberts for the balance of the outstanding term of his appointment is reasonable, consistent with competitive practices and will allow ORU to have a smooth leadership transition."
"ORU appreciates the mission and spiritual heritage that we continue to maintain, which originated by the vision of Oral Roberts," said Dr. Ralph Fagin, ORU interim president. "We value the years of investment Dr Richard Roberts has made at ORU. We move forward with a heightened sense of duty and responsibility to the fruit of this great university – its students and alumni."
August 2008 was the start of the University's first full academic year of change that began last year with a newly-appointed Board of Trustees and a shared governance system. Under Board Chair Mart Green's leadership, ORU has experienced dramatic, sweeping, campus-wide renovations.
Since the Green family donated $70 million to the University last year, the funds have been used to invest in students, faculty, campus facilities, technology and campus housing. More than $10.4 million was used to make unprecedented ORU campus improvements over the summer.
With the new era of leadership and renovation at ORU comes a similar renewal of spirit across the campus and throughout the University community that stretches to ORU alumni and friends. Earlier this year, the newly-placed Board of Trustees instituted a "Renewing the Vision" matching gift campaign that has garnered nearly $8 million from more than 8,000 contributors. The Board will match each contribution, dollar for dollar, up to $25 million to go toward eliminating the University's remaining debt.
ORU continues in its national search for a full-time president with the assistance of the Dingman Company, Inc., a national, professional recruitment firm. More than 130 candidates were identified. The search consultant reviewed a number of the candidates with the ORU Presidential Search Committee at the end of September, and of that group four were chosen to advance.
Founded in 1963, the 263-acre ORU campus is located in Tulsa, Okla. The University, a member of the Council for Christian Colleges and Universities (CCCU) offers 65 undergraduate majors, 14 master's programs and two doctoral degrees. The University has approximately 37,000 alumni worldwide.
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SEPARATION TERMS COMPLETE
Oral Roberts University and Former President Richard Roberts Finalize Separation Agreement
The Separation Agreement was concluded following an extensive review and accounting which revealed that certain personal and travel expenses incurred prior to 2004 had not been billed to or paid by Roberts. The Separation Agreement confirms the payment by Roberts to ORU of these expenses and interest in the amount of $23,179.
Roberts was initially elected by the ORU Board of Regents to serve as President and Chief Executive Officer of the University in 1993. He was reappointed for succeeding three-year terms by the ORU Board of Regents at subsequent annual meetings, beginning November 1994. After serving one year of his most recent three-year appointment, Roberts voluntarily resigned his employment and offices with ORU on November 23, 2007
"It is common practice for a corporation, such as ORU, to compensate a departed President or CEO," said Morey Villareal, of Villareal & Associates, the independent consulting firm selected by ORU based upon their expertise in management and executive compensation. "The compensation to Dr. Roberts for the balance of the outstanding term of his appointment is reasonable, consistent with competitive practices and will allow ORU to have a smooth leadership transition."
"ORU appreciates the mission and spiritual heritage that we continue to maintain, which originated by the vision of Oral Roberts," said Dr. Ralph Fagin, ORU interim president. "We value the years of investment Dr Richard Roberts has made at ORU. We move forward with a heightened sense of duty and responsibility to the fruit of this great university – its students and alumni."
August 2008 was the start of the University's first full academic year of change that began last year with a newly-appointed Board of Trustees and a shared governance system. Under Board Chair Mart Green's leadership, ORU has experienced dramatic, sweeping, campus-wide renovations.
Since the Green family donated $70 million to the University last year, the funds have been used to invest in students, faculty, campus facilities, technology and campus housing. More than $10.4 million was used to make unprecedented ORU campus improvements over the summer.
With the new era of leadership and renovation at ORU comes a similar renewal of spirit across the campus and throughout the University community that stretches to ORU alumni and friends. Earlier this year, the newly-placed Board of Trustees instituted a "Renewing the Vision" matching gift campaign that has garnered nearly $8 million from more than 8,000 contributors. The Board will match each contribution, dollar for dollar, up to $25 million to go toward eliminating the University's remaining debt.
ORU continues in its national search for a full-time president with the assistance of the Dingman Company, Inc., a national, professional recruitment firm. More than 130 candidates were identified. The search consultant reviewed a number of the candidates with the ORU Presidential Search Committee at the end of September, and of that group four were chosen to advance.
Founded in 1963, the 263-acre ORU campus is located in Tulsa, Okla. The University, a member of the Council for Christian Colleges and Universities (CCCU) offers 65 undergraduate majors, 14 master's programs and two doctoral degrees. The University has approximately 37,000 alumni worldwide.