Yesterday, Penn State announced that they had chosen a new President. Eric Barron, formerly of Florida State, signed a 5-year contract worth $6 million.
But as much as that seems like a lot of money, particularly for someone working for a state government in education, it is only a fraction of the typical earnings for an executive in the for-profit college sector. The following shows the salaries at twelve publicly-
traded for-profit colleges.
- American Public Education, Wallace Boston:$2.32 million (2012)
- Apollo Group (U of Phoenix), Gregory W. Cappelli: $4.54 million (2013), $4.05 million (2012). Chairman Emeritus John Sperling received $6.87 million and $6.95 million in 2013 and 2012, respectively.
- Bridgepointe Education, Andrew Clark: $2.25 million (2012), $2.70 million (2011)
- Career Education, Steven Lesnik: $3.11 million (2013) and $504K, (2012).
- Corinthian College (Everest, WyoTech), Jack Massimino: $3.02 million (2013) and $3.19 million (2012)
- Devry, Daniel Hamburger: $6.24 million (2013) and $5.05 million (2012).
- Education Management (Art Institutes, Brown-Mackie, Argosy), Edward West: $1.16 million (2013) and $1.25 million (2012).
- Grand Canyon Management, Brian Mueller: $2.68 million (2012)
- Lincoln Educational Services, Shaun E. Mcalmont: $1.97 million (2012)
- Strayer, Robert Silberman: $2.56 million (2012)
- University Technical Institute, Kimberly Mcwaters: $2.20 million (2013), $1.97 million (2012)
- ITT Educational Services, Kevin Modany: $8.76 million (2012). No data for 2013 at this time. Four other employees earn more than $1.5 million at ITT.
These numbers include salaries, bonuses, stock and option awards, and then compensation for expenses.
In 2012, there were four presidents of public universities that earned more than $1 million.