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Lowest Paid University President In The United States - MU

Started by Tugg Speedman, December 15, 2013, 08:00:15 PM

Previous topic - Next topic

ChicosBailBonds

Quote from: warriorchick on December 16, 2013, 10:58:35 PM
Did you miss the part about being Catholic as a requirement?

Is the requirement Catholic Catholic or cafeteria Catholic?  Can we get a ruling?  I realize Benjamin is a member of a theology for which Scrabble does not recognize, but I do think we need some clarity on the Catholicism stuff. 


GGGG

Quote from: ElDonBDon on December 16, 2013, 08:29:58 PM
A JD is equivalent to a doctorate?  I mean i know the D stands for doctor but...

Anyway, if the president position requires a phd (or similar doctorate), thats a bit much IMO. A doctorate is a research degree. Why does the pres need to be a certified researcher?


Yes, a JD is considered a "terminal degree."  They can also have an Ed.D - doctorate of education.

Why do they need them?  It is a relic of the past when the president was actually one of equals among the faculty.  In many places, of which Marquette might be one, they actually have to be accepted by their department in their field of study as a tenured professor.

Now I think that is loosening up across the industry.  I have seen non-academic vice presidents hired without even masters degrees...deans without a full professor ranking, etc.  But it doesn't look like MU is ready to move in that direction.

Tugg Speedman

What exactly did U of C's Zimmer do to earn his rich salary?

http://www.chicagobusiness.com/article/20131218/BLOGS10/131219791?r=7666I3085245D7R

Did University of Chicago President Robert Zimmer deserve to be paid $3.4 million in 2011, making him the highest-paid college chief? Maybe. On the other hand, maybe not.

Trouble is, we can't tell if Mr. Zimmer really earned the compensation that landed him atop the Chronicle of Higher Education's list of highest-paid private university presidents this week. That's because U of C won't say what, if any, criteria the school uses to evaluate Mr. Zimmer's performance and calculate his pay.

Sure, university public relations staffers released a statement listing some highlights of Mr. Zimmer's tenure.

"Since President Zimmer joined the university in 2006, the university has launched several major new academic programs, including its Institute for Molecular Engineering. It has opened or begun work on university centers in Beijing, Delhi and Hong Kong, and established a new affiliation with the Marine Biological Laboratory in Woods Hole, Mass. The university has catalyzed $250 million in neighborhood investment, partnered with the city of Chicago on major programs in education and crime prevention, and created a new Innovation Exchange to support entrepreneurship and business development. Applications to the college have tripled, and university fundraising and alumni engagement have reached record levels. Financial aid to all students also has increased significantly, including a doubling of the university's financial aid budget for undergraduates to more than $100 million, greatly increased financial support for graduate students, and a reduction of average indebtedness among college students upon graduation."

TARGET PRACTICE

All very impressive. But this laundry list of achievements over the past seven years reveals nothing about the connection — if any — between Mr. Zimmer's 2011 pay and his job performance that year. For example, it doesn't tell us if Mr. Zimmer hit, exceeded or fell short of fundraising targets, or goals for student applications. In fact, we don't know if the school even established such targets or any other performance metrics for purposes of determining how much to pay the president.

When I asked, the university press office declined to expand on the statement. They wouldn't even name the 20 schools U of C looks to as reference points for Mr. Zimmer's pay.

That's not good enough in an era when salaries of top university officials like Mr. Zimmer approach the pay of corporate executives running similar-sized companies. If the University of Chicago links executive pay to rigorous performance standards, it should disclose them. If not, it should get some right away.

Like it or not, Mr. Zimmer's pay is a matter of public record. There's a good reason for that. As tax-exempt organizations, universities rightly are required to disclose what they do with all their tax-exempt money (U of C collected $2.3 billion in revenue in 2011). That helps us taxpayers figure out if they're using their favored status for legitimate tax-exempt purposes or for improper ends like undeservedly enriching top officials.

But mere disclosure of dollar amounts isn't enough. We can't determine if Mr. Zimmer deserved his millions in pay unless we know the performance standards used to compute it.

PUBLIC'S RIGHT TO KNOW

Universities can expect increasing pressure to justify seven-figure executive pay, especially at a time when so many of their students emerge with six-figure debt loads and diminished job prospects.

Scrutiny of academic pay practices will reveal a widening gap between universities and corporations moving toward performance-based executive compensation that's tied to objective standards — all fully disclosed. Public companies are tying higher percentages of executive pay to performance and evaluating performance against quantified metrics. This approach aligns executives' interests with organizational objectives, rewarding them only when they advance those goals.

Objective performance standards serve another important purpose by neutralizing some of the boardroom social pressure that can lead directors to overpay executives. Cutting pay or denying a raise to someone you see on a regular basis is a lot easier when you can blame it on an objective formula ("Gee, Bill, I'd really like to give you a raise, but you didn't hit the profit growth target we agreed on at the start of the year.").

Perhaps U of C has adopted detailed, objective performance standards for executives and doesn't want to disclose them publicly for some reason. If that's the case, it's an exception to the rule. Few universities embrace corporate-style compensation practices. Performance standards, where they exist, tend to be squishier, giving trustees more leeway to award pay based on subjective factors.

"Almost universally, they can't bring themselves to measure performance the way they'd like to if they were in the private sector," said Brian Enright, a partner at 3C Compensation Consulting Consortium in Chicago, who advises both corporations and universities on executive pay.

An excuse sometimes offered for lax pay standards in academia is the difficulty of quantifying the goals of a university. Maybe that's true in some areas, but many university objectives can be quantified. Consider the list of achievements U of C cites in defense of Mr. Zimmer's pay: fundraising, international expansion, financial aid to students, undergraduate applications. Every one of them could be expressed as a concrete, objective target.

The U of C's board is packed with corporate luminaries well-versed in the best practices of private-sector executive compensation. Many serve as directors of major public corporations that follow such practices. There's no reason they shouldn't apply the same standards at one of the world's leading universities.

Coleman

Quote from: Hold the Mayo on December 16, 2013, 12:30:53 PM
this is correct.  In fact, the president as a jesuit while not technically paid, has the opportunity to dedicate large amounts of money to charities of their choice.  So, the amount that is paid to a layperson is not paid to a jesuit given the vow of poverty, but instead is divided among various charities of the jesuit's choice with the percent allocated also determined by said jesuit.

Said charities generally include kegs of beer and bottles of scotch for said Jesuit's residence.

Benny B

Quote from: The Sultan of Syncopation on December 17, 2013, 09:03:59 AM

Yes, a JD is considered a "terminal degree."  They can also have an Ed.D - doctorate of education.

Why do they need them?  It is a relic of the past when the president was actually one of equals among the faculty.  In many places, of which Marquette might be one, they actually have to be accepted by their department in their field of study as a tenured professor.

Now I think that is loosening up across the industry.  I have seen non-academic vice presidents hired without even masters degrees...deans without a full professor ranking, etc.  But it doesn't look like MU is ready to move in that direction.

Don't forget about the MDs... doctor-doctors have been slowly making their way into academia leadership positions over the last couple decades.

And the point about "equals" is quite important, even in this day and age... some of the most arrogant people in the world are college professors who have never worked a job outside education a day in their life (and are therefore apt to dismiss an individual's accomplishments outside education), yet because these people are also key personnel at many universities who can influence (and in some cases manipulate) the opinions of their colleagues, you at least want the captain of the institution to be someone that Professor Snootypants et al aren't going to be looking down upon in public, rightfully or not.

Is this the case at MU... I only speak for CoBA, and I could name two, maybe three, professors who probably wouldn't hesitate to openly share their feelings about a president who hasn't at least earned a doctorate of some type... but those guys aren't really what I would consider "key" individuals whose sentiment could poison the college.  So no, I don't see hiring a JD, MD, or other non-educational type as an issue from where I stand... but it could very well be an issue elsewhere on campus.
Quote from: LittleMurs on January 08, 2015, 07:10:33 PM
Wow, I'm very concerned for Benny.  Being able to mimic Myron Medcalf's writing so closely implies an oncoming case of dementia.