Higher Education is probably not the first field that comes to mind when you are looking to make big money. The Chronicle released data on the earnings of private university and college presidents. The data revealed 39 college presidents, whose salaries and bonus compensation packages netted them $1 million or more in 2014. This is up from 32 in the previous year. Wilmington University’s Jack Varsalona was the top-paid president, netting over $5.4 million.
Board members say these salaries reflect quality work from the executives they have placed in charge. Higher education is a major industry with billions of dollars and thousands of lives at stake in its workforce. Finding and retaining talented and qualified leaders can be extremely challenging. In many states, institutions are the largest or second-largest employers next to civic or federal government. It’s no surprise that the individuals heading these organizations are paid on balance with the work and challenges associated with the job.
Source: The Chronicle of Higher Education