The presidents of Columbia and Yale universities received multimillion-dollar payouts in 2013, reflecting a trend of Ivy League leaders' compensation increasingly resembling that of top corporate executives, writes Bloomberg. Columbia reported paying Lee Bollinger $4.6 million in 2013, including salary, benefits, and previously undisclosed compensation from past years, according to tax filings released Tuesday. Yale gave Richard Levin an $8.5-million bonus on top of $1.14 million in salary as he retired after 20 years as president.
Harvard President Drew Faust earned $1.1 million in pay and perks, while other Ivy League universities paid newly installed leaders in the high six figures. Colleges say the pay is commensurate with presidents' roles heading complex, multibillion-dollar organizations, but critics, including some faculty and alumni, contend it is inappropriate for nonprofit institutions.