uhm, no?

So I read today that Colorado State University's President Larry Penley is resigning. There are lots of yadda yaddas and blah blahs, but one of the points really gets to me. As part of his "severance" or whatever, he is going to continue receiving his salary for an ENTIRE year! His salary is $389,000! As an alumni, this makes me rather livid. I've seen some of the current college students and nobody needs to be making that for a year after they leave a post.
'Most' people try to build up something of a savings that we call an "emergency fund." This fund is for when we lose our job and need to pay bills. This is not right at all. This should be 3 months just like the rest of us.