A new report reveals the president of Wilmington University earns more than any other private school director in the country.
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.
