Wilmington University president is highest paid college leader in nation
A new report reveals the president of Wilmington University earns more than any other private school director in the country.
The Chronicle of Higher Education has released new compensation data for private university chief executives in 2014.
Total compensation for Wilmington University President Jack Varsalona in 2014 was $5.4 million, which is 1,405 percent of the median pay for a private university head.
That data is somewhat misleading though.
Varsalona’s pay jumped significantly in 2014 with the inclusion of a one-time payment of about $4 million that he receives for staying on the job until he reaches age 65.
Before 2014, Varsalona earned roughly $800,000, or about 200 percent of the median pay.
Varsalona’s multi-million dollar compensation does fit into a growing trend of lucrative pay packages for private university heads however. It's also the second-highest compensation ever reported by the Chronicle of Higher Education.
There were eight private university chief executives earning more than $2 million in 2014, which is double from just two years earlier (2012) -and quadruple from six years earlier (2008).
Wilmington University did not return a request for comment in time for deadline.