Business News - 23 college presidents paid more than $1M

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23 college presidents paid more than $1M

WASHINGTON (UPI) -- U.S. college presidents making more than $1 million are becoming more commonplace, a Chronicle of Higher Education survey indicates.

In the 2007-2008 academic year, 23 private college presidents earned more than $1 million in pay and benefits, The New York Times reported Monday.

In 2002, there were four U.S. college presidents earning more than $800,000 and none earning more than $1 million, the Times said.

Last year's top salary for a college president was $1,598,247, paid to Shirley Ann Jackson, president of Rensselaer Polytechnic Institute in Troy, N.Y. The second highest compensation package went to David Sargent, president of Suffolk University in Boston.

Sargent was paid a total of $1,485,275. For the year, the annual survey found the median compensation paid to college presidents was $627,750.

"I think the answer you'd get from the governing boards that set these salaries is that it's a market and it's increasingly hard to find these people," said Jeffrey Selingo, editor of The Chronicle of Higher Education.

"That said, almost every year, presidential salaries have gone up faster than inflation, and faster than tuition, which rankles some people on campus," he said.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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