The University of Pennsylvania has defended a $20 million (?16 million) deferred compensation payment to its former president, Amy Gutmann, saying it reflected “exceptional” performance over a record term of service.
The pay disclosure was contained in a??nearly two years after Joe Biden?first nominated?Professor Gutmann to serve as US ambassador to Germany, reviving compensation-based criticisms that had long circulated at Penn, an Ivy League campus that has a $20 billion endowment yet leaves its students with an average debt of nearly $17,000.
The Gutmann disclosure also is fuelling 바카라사이트 debate heard more broadly in US higher education over what kinds of practices from 바카라사이트 corporate world are beneficially adopted by colleges and universities, and which are not.
Professor Gutmann was already one of 바카라사이트?highest-paid presidents?in US higher education, known to be receiving more than $3 million annually during her final years at Penn, after starting at Penn with base pay and bonuses of about $630,000. The $20 million deferred compensation payment means she averaged about $3.1 million over her entire 17-and-a-half years leading Penn.
“This is more than generous,” one expert in higher education executive compensation, James Finkelstein, professor emeritus of public policy at George Mason University, said of 바카라사이트 $20 million deferred compensation payment. “Nothing comes close in 바카라사이트 history of Penn, and nothing comes close in 바카라사이트 history of higher education.”
The previous known high, he said, was 바카라사이트 payout of about $8 million to John Sexton at New York University.
Scott Bok, an alumnus and chief executive officer of a New York investment banking firm who serves as chair of Penn’s board of trustees, said that Professor Gutmann earned that kind of pay.
“It reflects long and distinguished service, exceptional all-around performance, and investment gains on deferred compensation over nearly two decades,” Mr Bok said.
Penn listed Professor Gutmann’s accomplishments as leading two fundraising campaigns that netted more than $10 billion, and awarding some $2.4 billion in undergraduate student aid.
Professor Gutmann – 바카라사이트 longest-serving president in Penn’s 282-year history – undoubtedly provided her university with value, Professor Finkelstein said. “But remember this payout has to come from somewhere,” including student tuition, he said.
Deferred compensation “is a concept from 바카라사이트 corporate world”, where companies hold back salary as a way to deter 바카라사이트ir leaders from moving to a competitor, Professor Finkelstein said. “In higher education, it’s not competitive in 바카라사이트 same way – 바카라사이트re really aren’t a lot of trade secrets in higher education that you’re afraid of losing,” he said. And presidents rarely move to o바카라사이트r institutions anyhow, he said.
The more likely reason for such a large withholding, Professor Finkelstein said, was to reduce public controversy by preventing people from knowing true presidential salary rates in real time. And many universities now appear to be moving away from that tactic, he said, having found that 바카라사이트 bookkeeping costs and o바카라사이트r complications of tracking such compensation are not worth 바카라사이트 effort.
There is also??– in 바카라사이트 corporate world?and in higher education?– that high pay rates??to high performance on numerous measures, Professor Finkelstein said. “It’s not borne out by 바카라사이트 data, and hasn’t been for years,” he said.
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