Saturday, November 17, 2007
Presidents of 81 private colleges across the nation made more than $500,000 each in total compensation in fiscal year 2006, up 200 percent from five years ago, while salaries for presidents of public colleges rose rapidly as well, with eight institutions paying their presidents at least $700,000 in 2007, compared with just two the year before.
These are among the findings reported in an annual survey released Monday by the publication the Chronicle of Higher Education.
The Chronicle's list showed a dozen presidents had compensation packages that topped $1 million, including three still at their institutions -- William R. Brody at Johns Hopkins University in Baltimore, Shirley Ann Jackson at upstate Rensselaer Polytechnic Institute, and James W. Wagner at Emory University in Atlanta.
The other nine earned multimillion pay packages thanks to deferred compensation or bonuses when they left office. Topping that list was Donald E. Ross, who stepped down as president of Lynn University in Florida after 34 years, taking with him more than $5 million in deferred compensation.
The survey reported salary data for private colleges from 2005-06, the most recent year available; and 2006-07 for public colleges.
In New York, New York University president John E. Sexton topped the compensation list with an $849,121 pay package. Martin Lipton, chairman of NYU's board of trustees, praised Sexton's performance in leading one of the nation's largest private universities. He said in a statement that Sexton has successfully overseen a record number of freshman applications, an ongoing $2.5 billion fundraising campaign and the continued expansion of the arts and science faculty.
Stuart Rabinowitz of Hofstra University had the highest pay of college presidents on Long Island, according to the Chronicle, with compensation of $584,478. Hofstra Board of Trustees chairman John D. Miller praised Rabinowitz's leadership over seven years, citing "dramatic strides in reputation and quality."
Noting the marketplace for compensation for college presidents, Miller said the board felt Rabinowitz's compensation package was "entirely fair and appropriate ... "
Similarly, Long Island University board chairman Edward Travaglianti praised the record of 23-year president David Steinberg. Travaglianti said LIU is the seventh largest private university in the nation and Steinberg had presided over significant growth in academic programs and the endowment, which approaches $100 million.
Travaglianti added that LIU trustees have a "very diligent process" that sets executive compensation and takes into account the "competitive landscape in compensation among college presidents."
(c) 2007, Newsday.
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