College Presidents Cashing In, Study Says
Salaries and benefits for top job climbs even as students feel tuition pinch.
Nov. 17, 2008 -- The number of college and university presidents taking home eye-popping paychecks continues to climb – even as more and more students have trouble paying their tuition bills.
Fifty-nine presidents of public universities reeled in more than $500,000 in salary and benefits during the 2007-08 academic year, more than double the number who broke the half-million mark three years earlier, according to a survey by the Chronicle of Higher Education released on Monday.
Among private-college presidents, 89 now earn at least $500,000, up from 70 in the survey two years earlier.
David J. Sargent, president of little-known Suffolk University in Massachusetts, headed the pay parade, corralling $2,800,461.
He was followed by Northwestern University President Henry Bienen, who took in $1,742,560, and Columbia University President Lee C. Bollinger, who received $1,411,894 in salary and benefits.
E. Gordon Gee of Ohio State University sat atop the salary heap for public university presidents in the survey, bringing in $1,346,255.
There was one notable twist to this year's salary survey by the Chronicle of Higher Education: Some college presidents recently have turned down pay raises, including the leaders of Rutgers University, the University of Connecticut, Rowan University, the University of Louisville and Brevard Community College.
For University of Connecticut President Michael Hogan, that meant turning aside what most likely would have been a $100,000 bonus. "Under the circumstances, I just didn't feel right taking [it]," Hogan told the Chronicle.
The pay increases noted in the new survey were awarded before the financial crisis began battering the economy this fall.
Still, Sen. Charles Grassley of Iowa, the top Republican on the Senate Finance Committee, issued a statement saying he was troubled by the growing compensation packages at a time students and parents are having more and more difficulty paying for college.
"The Chronicle's study shows that the executive suite seems insulated from budget crunches," Grassley said. "In these hard economic times, apparently belt tightening is for families and students, not university presidents."
