When University of Colorado president Hank Brown is replaced next year, it’s possible his successor will cost more than the almost $430,000 Brown pulls down each year.
Even at more than eight times the state’s median household income, Brown’s compensation package is a bargain among college leaders.
In the past year, the number of public university presidents earning more than $500,000 has nearly doubled to 42, according to The Chronicle of Higher Education, which tracks executive pay in higher education.
The upward trend hasn’t been lost on university officials around the country.
David Johnsen, the dean of the University of Iowa College of Dentistry, is chairing that university’s search committee for a new president.
“I think the competition for the very best potential presidents has been very fierce,” he said. “The stakes are fairly high.”
The compensation reflects the need to attract presidents with an academic and leadership background capable of running a $2.4 billion operation like Iowa’s, Johnsen said.
“It’s a lot more complicated than it was 30 years ago,” he said of a university president’s job.
In Colorado, the CU Board of Regents will have the final say over Brown’s replacement. Regent Steve Bosley said the board should not set a salary cap before considering candidates.
“The budget will be figured out to justify the best kind of leadership,” Bosley said. “The right leadership pays for itself.”
The compensation for presidents at CU’s peer universities ranges from $338,000 at the University of Kansas to $742,000 at the University of Texas. Brown’s package comes to $429,000, which includes annual salary, a housing allowance and retirement benefits, according to the Chronicle.
CU Regent Michael Carrigan said, “I certainly don’t want to get into an arms race like in sports but we are talking about the CEO of a $2 billion operation.”
Landing “a good president is worth some extra money,” he said, but more than $500,000 “would be tough to justify.”
Regent Tom Lucero credited Brown for creating a marketable institution that can attract top talent. His housecleaning, Lucero said, means the university won’t have to pay the next president much more than Brown.
“The reality of it is this job is so much more attractive than it was two years ago,” Lucero said. “Are we going to be cheap? No.”
Staff writer Chris Frates can be reached at 303-954-1633 or cfrates@denverpost.com.
