Shapiro one of 27 presidents to make more than $500,000, new study says

Former University President Harold Shapiro GS '64 was one of 27 private college and university presidents to make more than $500,000 last year, a new study shows.

Today's Chronicle of Higher Education reports that the number of presidents who made in excess of a half million dollars in 2001 more than doubled from the previous year. A survey of 595 presidents also showed that the average compensation rose about 30 percent between fiscal years 1997 and 2001.

Universities are required to disclose the top five highest paid officers, including the president, on public tax forms.

President Tilghman's salary has not been released yet because she was not named in time to be included on the tax records most recently made available.

However, Robert Rawson '66, chair of the board of the trustees, said earlier this year that Tilghman's salary is in line with other college presidents.

"Our belief is that Tilghman is competitively paid," he said.

Judith Rodin, the president of the University of Pennsylvania, made more than $800,000 last year and was the highest paid university president.

Taking the top ticket overall was Claire Gaudiani, from the small liberal arts college Connecticut College. Gaudiani made nearly $900,000 last year because of a half-million-dollar severance package after resigning after faculty pressure.

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Shapiro ranks third overall at $705,863 for the year he stepped down. Shapiro made just less than $500,000 in salary and benefits the previous year. The $200,000 salary increase is the result of deferred compensation stemming from when he was hired in 1988.

Shapiro made $658,323 in salary and the rest in benefits. He also made about $77,000 for his services on the corporate board of Dow Chemical, the study shows. The deferred compensation is listed on the tax forms as part of Shapiro's salary.

Vice President and Secretary Thomas Wright '62 said the salary change "indicated a one time non-salary item attributable to an arrangement when [Shapiro] was hired."

Shapiro served for eight years previously as the president of the University of Michigan.

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Between each previous year, Wright said there were "normal annual increases" in Shapiro's salary. Three years ago, Shapiro made about $450,000.

The increase in salaries for presidents of doctoral universities outstrips the rise in presidential salaries for most small colleges, the study shows.

The rise in presidential salaries is larger than the increase in the average salary for a full professor. At the University of Pennsylvania and Princeton, the average professor made 4.8 percent more during the last fiscal year, but presidential salaries, including the deferred compensation, rose 16 percent and 43 percent respectively.