According to U-M’s public affairs website, Brandon resigned Wednesday with a substantial buyout. He is set to receive $3 million in compensation through July 1, 2017.
Brandon had been Michigan’s athletic director since 2010.
“The athletic director and I had been in very frequent contact and communication, really, since I began as president, certainly more so in recent weeks. At the same time, I have been looking out and reaching out across the community to students, to alumni, to faculty in various settings trying to learn as much as I could, as quickly as I could about the nature and importance of athletics to the University of Michigan,” U-M president Mark Schlissel said at the university's administration building.
“In one of more recent conversations, the athletic director reached out to me and said, he’s chosen for the reason I’ve outlined to resign,” Schlissel said. “And I agreed with his decision.”
As outlined in Brandon’s settlement he will retain his regents’ season tickets to football, hockey, and men’s basketball. If Brandon finds new employment before the terms of his buyout ends, U-M will be able to reduce his compensation based on his new salary.
The terms of the resignation were signed by Brandon and Schlissel on Thursday, Oct 30.
Jim Hackett was introduced as Michigan’s interim athletic director today, but said he’s not a candidate for the permanent job.