THERE WILL be no golden parachute for the former president of a South Jersey university who oversaw its failed deal to turn a shuttered Atlantic City casino into a satellite campus.
Stockton University approved a separation agreement with Herman Saatkamp, who has been on medical leave since April pending retirement.
Saatkamp was president while Stockton bought the former Showboat casino. But competing legal restrictions on what the building can be used for scuttled plans to turn it into a long-sought urban campus in Atlantic City.
His last day with Stockton is Dec. 31. He will be paid $47,500 for unused vacation and sick time, plus $6,600 for six months of health insurance.
Stockton also signed a new 3 1/2-year contract with Harvey Kesselman, who took over for Saatkamp in April. He will make the same $320,850 annual salary as his predecessor.
"I am excited by the opportunity to lead our wonderful university at this pivotal time," Kesselman said. "Enrollment is growing, and we are expanding our Galloway campus with two new academic buildings and a dramatic new entrance. We also are exploring a public-private partnership that would enable Stockton to expand its presence in Atlantic City and be a major part of its renaissance."
The ill-fated deal to buy the Showboat for $18 million from Caesars Entertainment in December 2014 played a role in Saatkamp's departure and Kesselman's elevation to president from his previous post as provost and executive vice president.