According to The “Chronicle of Higher Education” survey issued on Wednesday, Penn State University’s president, Eric Barron, is one of the highest paid university presidents in the United States.
Eric Barron, the president of Penn State University, is one of the top 10 highest paid university presidents in the United States. Barron reportedly received a bonus of $224,000 last academic year, bringing his overall earnings to over $1 million.
According to the “Chronicle of Higher Education’s” latest release of the annual earnings of university and college leaders all around the country, his exact earnings that year were $1,039,717, making him 6th on the top 10 list. His bonus was also the fifth largest package, and his base salary of $800,000 was seventh. The survey included 221 public colleges’ 254 leaders in total. The surveys for private colleges are expected to be out in December this year.
Next in line was William McRaven, the president of the University of Texas, with a total payment of $1,554,058, including a $838,458 base pay and a $150,000 bonus.
Leaders from Penn State have usually found their way to the list in the past. For example, Rodney Erickson was number 1 on that list in the 2013-2014 academic year. Two years prior to Erickson, Graham Spanier had that title.
The Chronicle also recently amended its categories by adding two more: “Nontaxable benefits,” including diability compensation and “heath insurance, and “remaining reportable compensation.” They believed that this gave a more dynamic view of how university leaders are paid.
For example, last year, Michael Crow, the president of Arizona State University, had earned the most, receiving $1,554,058 that year. However, he had reported a “10-year retention bonus” of 550,000 that was given to him “by a foundation.”
“Anything that goes into the university coffers to the president’s pocket is included in the publication’s total compensation category” said Dan Bauman, the Chronicle’s database reporter.
Comments on the Findings
The Compensation Committee’s chair, Paul Silvis, said in a news release: “In his first year, President Barron made a rigorous effort to connect with the many constituencies of the University, frequently traveling to meet with alumni and legislators to assess issues and gather information.”
“Dr. Barron’s strategic plans for Penn State have been embraced vigorously and are showing results. His focus on economic development, student success and job creation is beneficial to Penn State and the Commonwealth overall.”