University President John T. Casteen, III is the highest-paid public university president? of any in the nation, according to a survey released by the Chronicle of Higher Education.
Casteen, with a total compensation package of $753,672 last year, inherited this title after David Roselle of the University of Delaware left his $874,867 post this summer.
Presidential pay has been increasing more rapidly than inflation, though keeping pace with costs within higher education.
"Although pay has risen faster than inflation ... it [executive pay] is increasing at about the same level as the higher education price index," said Paul Fain, who conducted the research for the Chronicle of Higher Education. "Higher education is getting a lot more expensive because costs are going up."
Fain cited the prestige of an institution, the complexity of operations and length of tenure as factors contributing to executive pay at public universities.
Fain pointed out that the role of college presidents is becoming increasingly complex, noting that "it's hard to find an academic that can be a politician, a fund-raiser, a manager, and deal with students and faculty."
University spokesperson Carol Wood echoed Fain's sentiment, noting that as president, Casteen has a broad range of responsibilites, such as his role in the Capital Campaign.
"He is really the CEO of the University," Wood said. "The job has become far more complex -- there is now a higher emphasis on philanthropy and the need to fund-raise."
Wood compared the management of the University to the management of a small city with more than 20,000 students, more than 13,000 employees and numerous visitors, including medical patients.
?Another factor particularly relevant to Casteen's salary is his 17-year tenure, which Fain noted is among the longest tenures of university presidents in the country..
?According to Wood, Casteen is one of the top-10 longest-serving university presidents in the nation, having started his work as University president in the fall of 1990.
"He is probably one of the most respected elder statesmen in higher education," Wood said, citing his leadership roles as chair of the Universitas 21 network, former chair of the American Association of Universities and service as Virginia's secretary of education in 1982.
The University president's compensation is negotiated on a non-contractual basis, and the president "serves at the pleasure of the Board [of Visitors]," Wood said. The president's compensation is determined by the Board of Visitors based on an annual performance review.
?Though Casteen's paycheck may seem high, sitting in the president's office does not necessarily translate into the biggest paycheck; Casteen is not the highest-paid employee at his own University.
"Al Groh makes something like $1.7 million, and not only is this extremely common, it doesn't provoke the outrage that university administration pay increase does," Fain said. "It's a more high-pressure market."
In fact Casteen may not hold the top spot among university presidents for long. Fain said Casteen is expected to be trumped by E. Gordon Gee, who was recently hired by Ohio State University for a base salary of $1 million.
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