ANN ARBOR (CBS Detroit/AP) — When Jim Hacket took over for former athletic director Dave Brandon at the University of Michigan in October, the terms of his new tenure were not released.

A document — a letter from school president Mark Schlissel — obtained since has revealed that Hackett will receive substantial compensation for his work to find the university’s next athletic director.

“The term of your appointment is indefinite, at the will of the President, and is expected to continue until such time as a new Athletic Director is installed. Your salary will be set at the annual rate of $600,000…The University will assist you in locating a furnished rental to accommodate your household while you are in Ann Arbor and will reimburse you for reasonable moving expenses up to 1/12th of your base salary…”

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Like Brandon, Hackett played football at Michigan and brings a strong business background to the job. He is a 1977 graduate of the school.

Hackett recently retired as CEO of Michigan-based Steelcase Inc. He’s been a member of the board of advisers for the University’s Gerald R. Ford School of Public Policy and the Life Sciences Institute.

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“My time as a student at Michigan introduced me to two people who would become lifelong heroes of mine: Early on it was Bo Schembechler, and the other was President Gerald Ford, whom I met later in his life after he retired from public office,” Hackett said. “Both of them would be quite certain that the future of Michigan is not in doubt.”

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