Pay for U.S. College Presidents Continues to Grow

Forty-two presidents of private colleges were paid more than a million dollars in 2011, up from 36 for the previous two years, according to the Chronicle of Higher Education’s annual analysis of the colleges’ latest available tax forms.

The three top earners were Robert J. Zimmer, University of Chicago ($3,358,723); Joseph E. Aoun, Northeastern University ($3,121,864); and Dennis J. Murray, Marist College ($2,688,148).

According to the Chronicle, Dr. Zimmer’s pay doubled in 2011, Dr. Aoun’s nearly tripled in the same time, and Dr. Murray’s almost quadrupled from the previous year. Although their base salaries all remained under $1 million, the top three, like many other highly paid presidents, earned much more from retirement packages, bonuses or deferred compensation.

The boards at some of the highest-paying universities took pains to point out that such awards are an incentive to retain a successful president, and that the money is meant to recognize the achievements of the president’s total tenure.

Henry J. Nasella, the chairman of Northeastern’s board, released a statement explaining that the $2 million retirement benefit to Dr. Aoun was intended to ensure his continued service, and that since many of his major initiatives were still underway, “members of the board agree unanimously that continuing President Aoun’s leadership was among our higher priorities as trustees.”

Over all, compensation packages more than doubled in 2011 for 11 of the 42 presidents earning more than a million dollars.

In the recent report, which included 550 presidents at the 500 private United States colleges with the largest endowments, the median total compensation was $410,523, up 3.2 percent over the previous year. The median base salary was $301,299, a 0.4 percent increase.

The Chronicle’s interactive graphic on presidential compensation is at chronicle.com/compensation.

The Chronicle found 180 presidents earning more than $500,000 in 2011, compared with 50 in 2004.