By Mark Huffman
ConsumerAffairs.com
November 17, 2008
The economic meltdown has focused a lot of attention on lucrative
compensation packages for corporate CEOs. It turns out the presidents
of public and private colleges and universities aren't doing too badly
either.
A survey compiled by the Chronicle of Higher Education shows at least 59 presidents of public, or state-sponsored universities were paid more than $500,000 in salary and benefits doing the 2007-2008 academic year. The Chronicle notes that number is more than twice the number that earned that much three years ago.
While the salary numbers pale in comparison to the multi-million dollar packages offered to sometimes struggling corporations, it's likely to raise a few eyebrows among students and parents hit with the sticker shock of rising tuition bills.
For example Suffolk University President David Sargent earns $2.8 million, according to the survey. Northwestern University President Henry Bienen got $1.7 million in the latest academic year, while Columbia's Lee Bollinger was paid $1.4 million in salary and benefits.
To their credit, some college presidents appear a little embarrassed by the comparatively large compensation packages at a time when their students are struggling to pay the costs of staying in school. University of Connecticut President Michael Hogan recently turned down a six figure bonus, telling the Chronicle he didn't feel right in taking it.
These days, all universities -- public and private -- are directing funds to a bidding war for faculty members with reputations. As a result, salaries and perks for college presidents, deans and even professors have risen dramatically.
