Three private college leaders in North Carolina made more than $1 million in 2014, including Duke University President Richard Brodhead. He was the highest-paid college leader in the state at $1.2 million, according to new data from the Chronicle of Higher Education.
Other million-dollar earners in 2014 were Nathan Hatch, president of Wake Forest University, whose compensation was $1,084,511, and High Point University President Nido Qubein, whose compensation was $1,018,707.
The higher education publication annually compiles data on the compensation of public and private college presidents in the United States. Its study of pay showed that 39 presidents of private colleges in the U.S. surpassed the $1 million mark in 2014, compared to 32 in 2013.
Compensation for university presidents can include base pay, bonuses and retirement. In the case of Brodhead, who has led Duke since 2004, $911,794 was listed as base pay, and the rest in non-taxable pay and other compensation. He also received $137,360 in deferred compensation, not included in the total, which he’ll receive after he retires from Duke next year.
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Brodhead’s successor, Vincent Price, provost at University of Pennsylvania, was announced Friday. Price’s boss, Penn President Amy Gutmann, was the fourth highest earner in 2014, with compensation of $2.9 million. Price earned $876,109 in 2014, according to the Chronicle.
Brodhead’s pay ranked 26th among 510 presidents in the Chronicle’s list, but he was only the fifth highest-paid employee at Duke in 2014, behind former health system chief Dr. Victor Dzau, basketball coach Mike Krzyzewski, chief investment officer Neal Triplett and football coach David Cutcliffe. The report showed Krzyzewski made $4 million in 2014 and Cutcliffe made $2.2 million.
The Chronicle reported that among all private college presidents, the average compensation was $489,927, or $512,987 when considering only those presidents who served a full year.
Among 377 presidents who remained in their positions all of 2013 and 2014, the average increase was 8.6 percent, according to the publication.
Public university leaders often make less than their private counterparts, but their salaries are catching up.
UNC system President Margaret Spellings started this year with a base salary of $775,000 – $175,000 more than her predecessor, Tom Ross. N.C. State University Chancellor Randy Woodson received a 13 percent increase last year, boosting his base pay to $590,000, plus a privately funded supplement of $200,000. UNC-Chapel Hill Chancellor Carol Folt was given a 9.6 percent raise last year, bringing her base pay to $570,000.
Pay packages can be structured quite differently for college leaders.
For example, Hatch received a $94,000 bonus in 2014, and Wake Forest set aside $372,308 for him in deferred compensation. Qubein received a $1,000 bonus and High Point set aside $425,800 in deferred compensation. Qubein’s compensation was more than double the highest-paid presidents among 10 universities of similar size and quality, the Chronicle reported.
In the Triangle, former William Peace President Debra Townsley made $490,189 and Meredith College President Jo Allen made $309,345 in 2014. Former Campbell University President Jerry Wallace made $369,659 and Elon President Leo Lambert made $555,791.