As I am certain most of you have already heard the president of UT announced that 87 people will be laid off from their jobs at UT and another 200 jobs not already filled will be eliminated. This is 287 well-paying jobs that will be lost or eliminated due to the financial crunch facing UT. The sad part of it is the fact Mr. Jacobs is accepting a $150,000 bonus in this time of hardship for these 87 folks who will face the loss of their job. If you would like to let Lloyd Jacobs know how you feel here is his email address: firstname.lastname@example.org
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You can read the story at: http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20090429/NEWS16/904290326
I don't have a problem with his bonus. The criteria was he got it if he stayed for a certain period of time, he's done that he deserves it. It would be like telling someone that just worked 80 hours in a pay period, oh by the way were going to only pay you for 60 hours, you worked 80 hours expecting to be paid for 80: He worked for however long with the agreement that he would get his bonus. His bonus was not contingent on maintaining the same staff ratios that were in place when he was hired, had it been then people could bitch.
Now I do have some issue with the Bank Bonuses for companies who were saved from bankruptcy giving bonuses because had we let them go bankrupt the money would not have been there to award bonuses, (and that is mostly because I think we bailed out a lot of people we shouldn't have). But in reality if people can get bonuses written into their contracts that are not dependent on performance then power to them, and anyone investing in such a company are idiots (and gives good reason as to why they should have been allowed to fail.
Thx Harley, touchy stuff. That 150K may be contractual and may not mean much to the total but, it can make or break a family or two.
The ones being laid off should picket his house. Better yet lay him off.
I think Mr. Jacobs has done an amazing job at reinventing UToledo into a first class university. I believe he has a right to that bonus, even if people are laid off. Jacobs has been a very beneficial force behind the transformation of UT. The cuts could be much worse without Jacobs.
yeah, I'm a UT employee and I don't have a problem with it. He has been good for the school as a whole. We've been thru some amazing changes since he came aboard and I think we're stronger for it. I dint read the article but I hope it pointed out why he earned it and that it's not just more mountains out of molehills media mongering.
Jacobs is an extraordinary leader. One of the few in these tough times who earns every penny he gets. He deserves it!
I'm a medical student at UT and my wife is an employee of UT.
He should get this money. The contract that he and the university signed said he would be paid this money if he stayed on this long. He has stayed on this long and should be rewarded for that. I would bet a lot of money that he's been offered much more than UT is currently paying him from other universities. He's done an amazing job turning UT around (and formerly MCO when he first arrived). When it comes to success at a university longevity means a lot.