Former President Walter “Ted” Carter Jr. is out millions following his resignation. Credit: Daniel Bush | Campus Photo Editor
As former President Walter “Ted” Carter Jr. leaves Ohio State, he will also leave behind millions of dollars.
Per Carter’s contract, which was obtained by The Lantern, Carter will be losing at least $3 million in total pay and benefits. This excludes potential raises and performance awards, which he most likely would have received if he remained until his contract ended on Dec. 31, 2028.
On Monday, Carter announced he will be resigning from his presidency, citing an inappropriate relationship.
The “inappropriate relationship” is seemingly with Krisanthe Vlachos, a host of “The Callout” podcast, which is meant to connect military and veterans to the future of energy and utilities using AI, per prior Lantern reporting. It is still not known what the nature of the relationship was.
Within his contract, there aren’t details explaining what Carter’s benefits would be in lieu of him resigning.
Here is what was outlined in the contract.
Carter began on Jan. 1, 2024 and was expected to work until Dec. 31, 2028, according to the contract. His sudden resignation happened a little over two years into his role.
Since 2024, Carter has received two annual performance awards, which add up to about $560,000. In addition, Carter has received two merit raises, increasing his base rate by 3.5% in 2024 and 4.5% in 2025, adding about $90,000 more to his base salary.
Over the past two years, Carter has earned $2.85 million in base salary pay, performance awards and merit based raises.
Carter was eligible for an annual performance award equal to 30% of his annual base salary, the contract said.
If Carter was terminated without cause, the contract states the university would pay Carter a full year of his original base salary, about $1.1 million, excluding any raises or performance awards.
Alternatively, if Carter was terminated with cause, the university was not obligated to provide said pay, the contract states.
In addition, Ohio State provides a fringe benefit each January to accommodate expenses such as a car, tax planning services and personal travel. In 2024 and 2025, Carter received $50,000. In 2026, Carter received $75,000 to add flexibility when Carter was travelling with his wife, Lynda Carter, according to a Jan. 7 amendment letter.
Carter also had a joint and survivor split dollar life insurance arrangement until Dec. 31, 2024. He would have received $250,000 every Dec. 31 until his contract ended.?
In a Jan. 16 letter, Carter declined to enter into the arrangement. Instead, he agreed for Ohio State to provide a series of retention awards totalling $1.25 million that would have been allocated to Carter if he remained at Ohio State until his contract ended in December 2028.
For retirement, the university provides $300,000 each year to the Ohio State’s Retirement Continuation Plan II. If Carter was terminated without cause, the university will provide a portion of that fund for the 65 days Carter was in office in 2026.
If Carter remained at the university until 2028, Carter and his wife, Lynda Carter, would have had access to the Wexner Medical Center Executive Health Program and could purchase season tickets to football, men’s and women’s basketball games with seating options identical to those of former trustees, the contract said.
Carter and his wife currently reside in the President’s residence paid by the university, which is worth $2.1 million per Zillow.
For university-related business and entertainment events, the contract said Ohio State will pay for reasonable staffing, entertainment budget and other resources. Carter was responsible for personal food, incidentals and housekeeping services.
Per his contract, Carter originally had 30 days to move out of the Bexley residence but was granted a 60-day extension by the Board of Trustees, per prior Lantern reporting.?
Within the fringe benefits section of his contract, it also states Carter held a membership to a mutually-agreed upon local country club meant “for the purpose of fostering relationships for the benefit of the University.” Ohio State paid for the initiation fees and membership dues, according to the contract, and Carter was responsible for personal costs.
It does not disclose which club Carter was a member.
Carter was also provided $45,000 in relocation expenses that he would have been required to repay, if he left within two years.
The article was corrected at 3:14 p.m. on March 11 to remove that it is not known the nature of Walter “Ted” Carter Jr.’s departure. Carter resigned, according to a university spokesperson.
