Why Presidents Are Paid So Much More Than Professors

Stephen J. Trachtenberg planned to stick around for only a decade as president of George Washington University. But when he retired recently, he had stayed at the helm for 19 years. Now Mr. Trachtenberg, 69, is chairman of the education practice at the executive-search firm Korn/Ferry International. In an interview with The Chronicle, he talks about presidential pay, the path to the top job, and the benefits — other than an extra paycheck — of corporate- board