Despite poor economy, university presidents do well

Faculty members may complain about pay, but school presidents have no grounds for griping. University of Illinois President Joseph White made news last week when he won an 18-month contract extension but no additional compensation from the trustees. He'll continue to earn $450,000 per year, plus receive a payment of $475,000 if he stays five years from the date of his original contract.

That salary is not small potatoes by anyone's standards. Indeed, to some people White's compensation plus benefits (two houses and a car and driver) appear lavish. But White's salary is not close to the big time, according to a review of university presidents' salaries conducted by the Chronicle of Higher Education.