UM System President Choi terminates executive performance incentive program

UPDATE 2:38 p.m.: Auditor Galloway has released a statement on President Choi’s decision:

“I’m pleased University of Missouri System leaders accepted responsibility and committed to ending bonus payments uncovered in my audit. I will be watching their progress and my team will return later this year to determine whether they have followed through on their commitment. I will also review whether other concerns related to transparency in executive pay and luxury vehicle allowances have been fully addressed. This decision is the start of a process to rebuild the trust of taxpayers, students, families and Missouri citizens.”

ORIGINAL STORY: University of Missouri System President Mun Choi announced on Friday that he is terminating the university’s executive performance incentive program.

Choi said his decision is effective immediately.

“As the state’s premier public university, we owe it to the state’s taxpayers and our stakeholders to be transparent with respect to what we are trying to accomplish as we move the university forward,” said Dr. Choi. “To that end, I will explore options for making our executive performance practices more effective, with any changes fully vetted with the Board of Curators.”

“The board strongly supports President Choi’s decision to examine this pressing issue in a manner that underscores our commitment to be good stewards of public resources,” said Marcy Graham, chair of the University of Missouri Board of Curators.

“As the university’s most senior leaders, we are paid to competitively perform,” Choi said. “Transparency about how we invest our public resources, including our executive compensation strategy, needs to be addressed first.”

Choi also announced a review of all elements of compensation for UM System executives, which will begin immediately.

Choi is set to address the media at Noon on Friday, which you can live stream here.