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GAINESVILLE, Fla. (CBSMiami/AP) —Outgoing University of Florida president Bernie Machen will stay on as a senior adviser to aid incoming president Kent Fuchs and help raise funds.

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Machen’s new 5-year contract will earn him $3.9 million, all of it paid by private funds.

The Gainesville Sun reports that the new contract will save taxpayers $2.63 million that was owed to Machen in his existing contract.

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Board of Trustees Chairman Steve Scott says the new contract keeps Machen’s expertise and fundraising abilities at the school, while saving public money.

Machen will also be given the title of president emeritus, which only one past UF president has received.

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