Vanderbilt University in Nashville, Tenn.Forty-two presidents of private colleges were paid more than $1 million in 2011, up from 36 for the previous two years, according to the Chronicle of Higher Education’s annual analysis of their latest available tax forms.
Included in the 42 is Vanderbilt University Chancellor Nicholas Zeppos. The three top earners were Dr. Robert J. Zimmer, University of Chicago ($3,358,723); Dr. Joseph E. Aoun, Northeastern University ($3,121,864); and Dr. Dennis J. Murray, Marist College ($2,688,148).
According to the Chronicle, Zimmer’s pay doubled in 2011, Aoun’s nearly tripled in the same time, and Murray’s almost quadrupled from the previous year. Although their base salaries all remained less than $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.
In Tennessee, 10 private colleges made the Chronicle’s list of 517 top-paid presidents.