Thursday, May 21, 2015

Platinum Pay in Ivory Towers

Frank Bruni's op ed in today's NYT entitled Platinum Pay in Ivory Towers:

Too few presidents give adequate thought to the symbolism and dissonance of extraordinarily generous compensation packages, which are in sync with this era of lavish executive pay and glaring income inequality but out of line with the ostensible mission of academia.

Ideally, higher education is dedicated to values different from those that govern Wall Street and corporate America. It supposedly calls students to more soulful concerns, even to sacrifice.

But that message is muddled when some of the people who run colleges wallow in payments and perks that would once have been considered vulgar.

For E. Gordon Gee's final year as the president of Ohio State University, which he left in 2013, he got a package of more than $6 million, as was widely reported. It was a one-time bonanza, including deferred payments and severance, but he'd earned roughly $2 million annually over the previous years.

The Chronicle of Higher Education analyzed salary information for private colleges from 2012, the most recent year available, and found that Shirley Ann Jackson, the president of Rensselaer Polytechnic Institute, received a package worth over $7 million.

John L. Lahey of Quinnipiac University: about $3.75 million. Lee Bollinger of Columbia University: almost $3.4 million.

 Subscribe in a reader