Interim AD Jim Hackett speaks as President Mark Schlissel looks on. [Anbender/MGoBlog]
"This morning I accepted the resignation of athletic director David Brandon."
Adam will have the full—and lengthy—transcript of today's press conference up later, but U-M President Mark Schlissel's opening statement obviously contained the most important part. Brandon met with Schlissel on Wednesday to discuss his resignation, saying he thought it would be best for the student-athletes and the university if he stepped down; Schlissel agreed, saying it was best for the department to continue "without daily distractions."
Jim Hackett, incidentally a former M teammate of Brandon's, will take over as the interim athletic director effective immediately. Hackett served as the CEO of Steelcase from 1994 until February of this year; he currently sits on the Board of Advisors for both the School of Public Policy and the Life Sciences Institute.
The search for a permanent replacement will begin immediately; in the meantime, Schlissel made it clear that Hackett has the power to run the athletic department as he sees fit, including evaluating the football coaches, especially if a replacement isn't in place at the end of the season. Hackett mentioned Bo Schembechler and Gerald Ford as personal heroes of his, saying "both would be quite certain the future of Michigan is not in doubt."
When asked if he would be looking for a candidate with Michigan connections to permanently replace Brandon, Schlissel said that he simply wants "the best man for the job," adding that he'll take as long as necessary to find the right person. "I have excellence in mind," he said.
Terms of Brandon's resignation will be released later today, according to Schlissel.
UPDATE: The terms of Brandon's resignation have been released. Full PDF file is here; the short version:
- Brandon will receive $3 million over the next four years.
- Michigan has the right to reduce his compensation should he take another job.
- The University will pay the cost of COBRA for Brandon and his dependents' health benefits through June 30, 2015.
- Brandon will retain two "Regents Emeritus" seats for football, men's basketball, and hockey.
- Brandon retains the use of two company cars through the end of the year.
The rest is mostly legalese; here's the fun part of said legalese:
Fin.