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30 College Presidents Receive $1 Million

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A new survey from the Chronicle of Higher Education states that 30 private college presidents received well over $1 million in total compensation in the year 2008, as compared to 23 in 2007.

The annual survey, which analyzed the compensation of almost 450 college presidents, found that, same as in previous years, the top earning presidents included a no. that received large payouts after stepping down. For example, the most highly paid executive in the survey, Touro College president named Bernard Lander, received about $4.8 million in compensation in 2008-09. Bernard Lander, who founded Touro as a Jewish college in 1970 and presided over its growth into an institution with 31 schools and colleges, was awarded $4.2 million in deferred compensation after the board’s determination that he had been underpaid compared to presidents at similar institutions. Lander passed away in February. Similarly, the highest-paid sitting president, R. Gerald Turner of Southern Methodist University, received nearly $2.8 million in compensation as a result of cashing out his life-insurance policy.

It is predicted that large one-time awards will continue to drive the list of top-earning presidents. In fact, the majority of private college presidents are baby-boomers that are headed towards retirement, and many expect to receive handsome payouts. Raymond D. Cotton, a lawyer who specializes in executive contracts, predicts that compensation for college presidents will continue to increase as colleges increasingly look to the for-profit world for experienced members of the board and chief executives.

“Presidential compensation has been shooting up because of a disparity between supply and demand in the marketplace,” said Cotton. “There continues to be a greater demand for people who can do these jobs well than there is a supply.”


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