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Yale’s Half-Million-Dollar Man
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Business New Haven
12/11/2000
By: BNH
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NEW HAVEN - Yale President Richard C. Levin received a compensation package of $525,687 for the 1998-99 fiscal year, according to the Chronicle of Higher Education. With a salary of $391,250 and $134,437 in benefits, Levin ranks sixth in the publication's report on university presidents' earnings, published in November.
Levin's increase of $30,000 over previous fiscal year follows a trend of rising university presidents' salaries. The Chronicle reported that a record-breaking total of 74 presidents earned more than $300,000 in the 1998-1999 fiscal year. Levin is among only seven presidents who broke the half-million dollar mark.
Former Williams College President Harry C. Payne topped off the list of all presidents by receiving $878,222 in salary and benefits. However, one reason he led the pack is because departing presidents' paychecks can be swelled by deferred compensation money. Coincidentally, University of Pennsylvania President Judith Rodin - former Yale Provost - earned $655,557 in salary and benefits in the 1998-99 fiscal year, placing her second on the list.
Oddly, Levin is not the highest-paid Yale employee. That distinction goes to Chief Investment Officer David Swensen, who manages Yale's $7 billion-plus endowment. His salary and benefits package totaled $712,266 in 1998-99. Following Swensen were four clinical professors at Yale Medical School, all cardiologists.
The median salary for research university presidents in 1998-99 was $393,288, according to the chronicle, reflecting a three-percent hike over the previous year. Levin's compensation is set annually by the Yale Corporation.
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