The Chairman of Jamaica College, Michael Bernard, says a media report stating that Ruel Reid will walk away with a payout in the region of $100 million is “grossly incorrect”.

A report in today’s Sunday Gleaner says Reid will walk away “with a payout in the region of $100 million, with the remaining seven years of his contract bought out to take him to retirement age at 65.”

But in a statement moments ago Mr. Bernard says the Sunday Gleaner report is “untrue and misleading in every material respect”.

Mr. Bernard says what is true is that Mr. Reid has resigned as principal of the institution.

See full statement: