Ranks of millionaire college presidents rises

Detroit News staff and wire reports

The fast-growing group of millionaire private college and university presidents hit a new record in recent years, and it's likely more college leaders will make seven-figure salaries once the slumping economy rebounds.

A record 23 presidents received more than $1 million in total compensation in fiscal 2008, according to an analysis of the most recently available data published Monday by the Chronicle of Higher Education. A record one in four in the study of 419 colleges' mandatory IRS filings made at least $500,000.

The highest paid Michigan private university president in 2007 was Davenport University's Randolph K. Flechsig with a total compensation of $586,385, which put him 75th in the nation. He is followed by Hillsdale College's Larry Arnn at $569,991 (No. 79 overall) and Lawrence Technological University's Lewis Walker with a total compensation of $305,655 (No. 286).

Topping the list is Shirley Ann Jackson at Rensselaer Polytechnic Institute in Troy, N.Y., whose total compensation the Chronicle pegged at nearly $1.6 million. She was followed by David Sargent at Suffolk University in Boston, who made $1.5 million. However, one-third of his compensation had been reported as deferred compensation last year and counted as salary this year.