The University of Central Arkansas' president has lost his job after not telling school trustees that a company's $700,000 grant to renovate his university-owned house came with strings attached.
Allen C. Meadors met with the board of trustees Thursday and apologized for not telling them the home renovation grant was conditional on the renewal of Aramark's food services contract with Central Arkansas.
Meadors offered his resignation after the meeting. The board met Friday to accept it and negotiate a buyout.
Meadors will be paid his $225,000 salary through 2013. Private donors will pay the salary starting next July.
The school's general counsel, Tom Courtway, will take over temporarily.
Meadors is the second consecutive Central Arkansas president to leave under pressure. Lu Hardin resigned in 2008 after trustees questioned his bonuses.