WSU’s Elson Floyd one of highest-paid public college presidents in nation
Washington State University President Elson Floyd had the second-highest base pay among public college presidents in the nation in 2014, and he ranked fourth in total compensation, The Chronicle of Higher Education reported today.
Floyd, 59, who just went on medical leave for colon cancer treatment, earned a base salary of $725,000 last year. His total compensation was $877,250, including $152,250 in deferred compensation.
See the Chronicle salary survey of public college presidents
In 2013 Floyd earned a base pay of $662,500, with no deferred compensation. That year he ranked seventh highest for base pay and was 17th for total compensation. Former University of Washington President Michael Young made $622,000 last year. Young left the UW earlier this year to head Texas A&M University. Just last month the WSU regents approved a $50,000 raise for Floyd, to $775,025, for the coming year. He also has a retention package worth $500,000. At that time, outgoing board Chairman Michael Worthy praised the work Floyd had done at WSU. “I’ve been in professional life for some time and I’ve done hundreds and hundreds of performance appraisals and I can tell you that based on the feedback from all the members of this board … the performance of President Floyd throughout his eight years as president, but especially during the 2014-2015 academic year, is the most extraordinary performance by a professional I have ever seen,” Worthy said. Floyd was second in base pay to University of Texas System Chancellor Francisco Cigarroa, who made $752,160. Cigarroa resigned in December to return full time to the practice of medicine. The survey examined pay for 238 chief executives at 220 public universities and school systems. It found the median salary for presidents who served a full year was $428,250. The Chronicle changed its methodology for total compensation in this year’s survey to include only deferred compensation that was paid out. Previously, deferred compensation that was promised to presidents if they remained on the job was factored into total compensation. Under the new methodology, three of the public college presidents in the 2013 fiscal year would have exceeded the $1 million mark. Total compensation for former Penn State President Rodney A. Erickson was nearly $1.5 million, but the Chronicle said a significant portion of that was because he took ownership of his balance in a university-sponsored life insurance plan valued at $586,000. R. Bowen Loftin, former president of Texas A&M University, earned $1.1 million. Most of that was a severance of $850,000 that was paid out in 2014, the survey said. Erickson retired in May 2014 after 37 years at Penn State as a faculty member and administrator. Loftin is now chancellor of the University of Missouri in Columbia. The Chronicle calculates total compensation for public college presidents as base salary, plus bonus, severance and deferred compensation that was paid out. Used as a retention tool, deferred compensation is typically lost if a college president leaves the school early. Floyd has led WSU since 2007. In 2012 his total compensation was $1.125 million. That included $500,000 in deferred compensation. Floyd’s leave of absence was approved Friday by the university’s board of regents. WSU Provost and Executive Vice President Dan Bernardo is taking over the president’s day-to-day duties. The Chronicle takes a separate look at private-college pay. Its most recent review of data from 2012 found 36 private college presidents earning at least $1 million.
See the Chronicle salary survey of public college presidents
In 2013 Floyd earned a base pay of $662,500, with no deferred compensation. That year he ranked seventh highest for base pay and was 17th for total compensation. Former University of Washington President Michael Young made $622,000 last year. Young left the UW earlier this year to head Texas A&M University. Just last month the WSU regents approved a $50,000 raise for Floyd, to $775,025, for the coming year. He also has a retention package worth $500,000. At that time, outgoing board Chairman Michael Worthy praised the work Floyd had done at WSU. “I’ve been in professional life for some time and I’ve done hundreds and hundreds of performance appraisals and I can tell you that based on the feedback from all the members of this board … the performance of President Floyd throughout his eight years as president, but especially during the 2014-2015 academic year, is the most extraordinary performance by a professional I have ever seen,” Worthy said. Floyd was second in base pay to University of Texas System Chancellor Francisco Cigarroa, who made $752,160. Cigarroa resigned in December to return full time to the practice of medicine. The survey examined pay for 238 chief executives at 220 public universities and school systems. It found the median salary for presidents who served a full year was $428,250. The Chronicle changed its methodology for total compensation in this year’s survey to include only deferred compensation that was paid out. Previously, deferred compensation that was promised to presidents if they remained on the job was factored into total compensation. Under the new methodology, three of the public college presidents in the 2013 fiscal year would have exceeded the $1 million mark. Total compensation for former Penn State President Rodney A. Erickson was nearly $1.5 million, but the Chronicle said a significant portion of that was because he took ownership of his balance in a university-sponsored life insurance plan valued at $586,000. R. Bowen Loftin, former president of Texas A&M University, earned $1.1 million. Most of that was a severance of $850,000 that was paid out in 2014, the survey said. Erickson retired in May 2014 after 37 years at Penn State as a faculty member and administrator. Loftin is now chancellor of the University of Missouri in Columbia. The Chronicle calculates total compensation for public college presidents as base salary, plus bonus, severance and deferred compensation that was paid out. Used as a retention tool, deferred compensation is typically lost if a college president leaves the school early. Floyd has led WSU since 2007. In 2012 his total compensation was $1.125 million. That included $500,000 in deferred compensation. Floyd’s leave of absence was approved Friday by the university’s board of regents. WSU Provost and Executive Vice President Dan Bernardo is taking over the president’s day-to-day duties. The Chronicle takes a separate look at private-college pay. Its most recent review of data from 2012 found 36 private college presidents earning at least $1 million.