Two university presidents who are among the highest-paid campus leaders in the United States announced this week that they would be dipping into their bank accounts to benefit their institutions.
Citing tight finances, Mark S. Wrighton, chancellor of Washington University in St. Louis, said today that he would cut his own salary next year by 10 percent.
In an e-mail message distributed to the campus, Mr. Wrighton said that while the university has strong overall financial health, its endowment has taken a 25-percent hit since July. The university’s holdings were worth $5.7-billion last year. Mr. Wrighton said he anticipated a “significant reduction” in the spending rate from the endowment in the next fiscal year.
The salary trim will be made in two 5-percent cuts, effective in January and July of 2009. According to The Chronicle’s new study of executive compensation, published on Monday, Mr. Wrighton’s total compensation in 2006-7 was $738,242.
The University of Pennsylvania’s president, Amy Gutmann, is also voluntarily parting with some of her wealth. She and her husband, Michael Doyle, made a $100,000 gift in support of undergraduate research, the university announced on Tuesday. Uses for the money might include stipends for research or assistance with travel to conferences.
Ms. Gutmann received total compensation in 2006-7 of $1,088,786, according to the Chronicle study. That made her the sixth highest-paid president of a private research university, and the 10th highest paid over all. —Paul Fain