Former University of Kentucky President Lee T. Todd Jr. has resigned his faculty position in the College of Engineering to join a Louisville software company.
Louisville's Business First reported that Todd has been named board chairman and chief strategist for FacilityOne, a building management software company.
"What drew me to FacilityOne was the combination of innovative people and technology and a very strong, referenceable customer base," Todd, 68, said in a news release from the company. "Their customers were using the cloud-based solution to reduce operating costs, control maintenance expenses and better respond to emergencies — all essential aspects of today's demanding marketplace."
Todd's retirement was effective Sept. 30, UK officials said. It will be considered by the board of trustees at its Dec. 9 meeting.
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He served as president of UK from 2001 to 2011, implementing a Top 20 Business Plan to improve UK's stature among research universities.
Todd retired in 2011 with a retention bonus of more than $460,000 for having stayed at the helm for 10 years. He took a year off before returning to campus, where he was paid $162,000 as a professor.
In that 2011 retirement agreement, Todd was given four football and four basketball tickets, which Todd will keep, said UK spokesman Jay Blanton. That agreement also guaranteed health and dental insurance after his retirement from the university.
The only other compensation Todd will receive going forward is a "limited" travel budget to represent UK on national boards, Blanton said.
During the past two years, Todd lectured, assisted with development of donors, represented the university on national education committees, advised the Von Allmen Center for Entrepreneurship, and counseled students and faculty on start-up companies, Blanton said.
FacilityONE's news release said Todd had been a board member since 2012. A Hopkins County native, Todd founded several companies, including Projectron, which was bought by Hughes Aircraft, and DataBeam, a developer of teleconferencing systems and software, which was later bought by IBM.
UK President Eli Capilouto said it was an honor to follow Todd.
"He laid the foundation for many of the accomplishments the university is experiencing today," Capilouto said, specifically citing the growth of UK HealthCare. "Dr. Todd served his state and this institution admirably, and I'm excited to see him continue to pursue his entrepreneurial spirit."