LEXINGTON, Ky. (March 29, 2011) − A nationally-respected higher education consulting firm today recommended that the University of Kentucky Board of Trustees increase the total compensation package for its top administrator when it makes a formal offer to hire a new president this spring.
Raymond D. Cotton, vice president of ML Strategies of Washington, D.C., presented a 2010-11 comparative study the firm recently completed of 16 universities which are considered to be UK's peers in terms of a variety of factors, including size of the student body, faculty, and staff, as well as the overall size of a university's budget. The study concludes that current UK President Lee T. Todd, Jr's. estimated total compensation of $659,457 places him below the median level of $714,045 for his peers.
"It is our opinion that you as a board should be prepared to offer a salary and benefits package for your new president comparable to the median level," said Cotton.
Cotton added that years of service on the job as university president does not necessarily correspond directly to the overall level of compensation received.
As to the length of university presidential contracts being offered around the nation in today's marketplace, Cotton said that an initial term of three years has become quite common, with university boards having mechanisms in place to ensure regular review of compensation tied to performance. "The goal of an effective contract should be to not only attract a top-flight individual to the university's presidency, but also to retain that person provided he or she achieves a record of success."
The other universities examined in the study were: Washington, Florida, Virginia, Houston, Delaware, Pittsburgh, Auburn, Iowa, Georgia, Cincinnati, Connecticut, Texas (Austin), Rutgers (N.J.), Alabama (Birmingham), Maryland (College Park), and Wisconsin (Madison).
MEDIA CONTACT: Jay Blanton, (859) 257-1754 ext. 247; Jay.Blanton@uky.edu