By JLP | April 4, 2011
From today’s WSJ:
As many state legislatures debate double-digit percentage cuts in higher-education funding, presidential pay could become a sensitive subject. In Austin, for instance, University of Texas Chancellor Francisco G. Cigarroa is asking lawmakers to limit proposed reductions in the state’s funding of higher education, even as his compensation was third highest, by total cost of employment, among public-university leaders in America.
Last school year, Dr. Cigarroa was paid $750,000, with perks such as deferred compensation bringing the total cost of his employment to $813,892, the Chronicle survey said.
A University of Texas spokesman said Dr. Cigarroa has received no pay increase since taking the job two years ago. In a statement, Gene Powell, chairman of the University of Texas System Board of Regents, said the vast majority of the chancellor’s compensation comes from an endowment rather than from taxpayers.
Did you catch the first sentence of that last paragraph? “A University of Texas spokesman said Dr. Cigarroa has received no pay increase since taking the job two years ago.”
I always find it funny that executive pay is always defended by, “But he hasn’t had a raise in X number of years.”
Even with a 3% inflation rate over the last three years, this president’s purchasing power is still over $684,000. Not too shabby if you ask me.
It’s no wonder college is so expensive.