ALBUQUERQUE, N.M. (KRQE) – Outgoing University of New Mexico President Bob Frank has officially signed off on an agreement to leave office early and then take a huge pay cut in his new position.

Read the settlement agreement here »

KRQE News 13 is finding out more details about that settlement with the Board of Regents.

President Frank will not sue the university for defamation like he threatened. Just a couple days ago the university reached a deal to give President Frank an early exit.

Back in September, UNM and President Frank agreed he wouldn’t seek a new contract when his expires in May. He would also get six months paid time off and a $350,000 job at the school’s health sciences center.

Since then a board investigation was leaked claiming Frank bullied workers and questionable spending.

This week that job offer at the Health Sciences Center dropped to $190,000 a year. The time off agreements stays the same.

While Frank agreed to settle his attorney released a statements saying, “The settlement should not be construed as a concession on doctor frank’s part that the actions initiated against him by the regents were justified or appropriate”.

Frank will officially leave office at the end of this month.

The school already has an interim president in his place. The regents expect to select a new president by next spring.

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