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A gilded goodbye for many private college leaders
Many other college presidents across the country are negotiating huge exit packages when they step down, which critics say is emblematic of schools’ unrestrained spending on everything from administrative salaries to elaborate new buildings that drive up the cost of higher education.
Lawrence S. Bacow, president emeritus of Tufts, received $1.7 million in 2011 for “end of service compensation.” At Harvard, president Lawrence Summers kept his presidential salary of $580,000 for several years after he stepped down in 2006 (even as he earned millions working for a hedge fund). And Wellesley College had two former presidents on its payroll in the last six years, including one who received $430,000 a year for two years after she retired and her duties ended.
The Boston Globe investigated this phenomenon.