Amid sex scandal allegations involving Jerry Falwell Jr., his wife, and a former business partner, the Liberty University president is leaving the country's largest Christian school with a $10.5 million severance package.
Falwell's contract entitles him to a lucrative compensation package because he is departing the university of his own volition without being formally accused of or admitting to wrongdoing.
He will receive $2.5 million over the next two years and has agreed not to work for a competing university during that time. At the conclusion of two years, he will receive the remaining $8 million in retirement, according to a contract he signed in July 2019.
"The board was gracious not to challenge that," Falwell said of his decision to step down. "There wasn't any cause. I haven't done anything."
The Board of Trustees of Liberty University announced Tuesday that it had accepted Falwell's resignation, "effective immediately."
His resignation comes after he was accused of being involved in a six-year-long affair between his wife, Becki, and a Florida pool boy-turned-business-associate.
Falwell was currently on an "indefinite leave of absence" after a photo of himself with his pants unzipped and his arm around a scantily clad woman who is not his wife circulated on social media.