There will be no golden parachute for the former president of a southern New Jersey university who oversaw its failed deal to turn a shuttered Atlantic City casino into a satellite campus.
Stockton University approved a separation agreement Wednesday with Herman Saatkamp, who has been on medical leave since April pending retirement.
Saatkamp was president while Stockton bought the former Showboat casino. But competing legal restrictions on what the building can be used for scuttled their plans.
After a deal to sell it to Revel owner Glenn Straub also fell through, Stockton is selling the building to Philadelphia developer Bart Blatstein.
Saatkamp’s last day with Stockton is Dec. 31.
He will be paid $47,500 for unused vacation and sick time, plus $6,600 for six months of health insurance.