Stevens Institute of Technology’s former president has received more than $5 million from the university since he left in 2010 amid allegations of financial mismanagement at the school, campus officials said Wednesday.
The payout to Harold Raveché — which came shortly after Stevens made a deal with the state to settle a lawsuit over the Hoboken school’s financial and governance problems — included consulting fees, severance pay, retirement benefits and other cash.
Stevens was legally obliged to pay Raveché the money, said Randy Greene, the university’s chief financial officer.
"Dr. Raveché had a supplemental retirement benefit beginning with his appointment as president in 1988. On advice of counsel, it was determined that the proceeds of the supplemental retirement benefit be paid in full upon his retirement," Greene said in a statement.