Lahey’s $1.8M tops in Connecticut
2008 earnings spiked by home renovations, school says
President John Lahey ranked sixth on the list of top 10 highest-earning presidents of private colleges in 2008, according to the Chronicle of Higher Education.
Lahey raked in $1,845,427 in total compensation according to the report, released on Sunday. That number includes salary, but also health benefits, personal services and deferred pay.
“President Lahey’s salary for 2008-2009 was $765,000,” said Lynn Bushnell, vice president for public affairs. “The higher reported total compensation number resulted from a large one-time reimbursement for major repairs and renovations to the president’s 23-year-old house which is used extensively for university events.”
Bushnell said accounting rules require reimbursements like the renovations to be treated as personal income for the president.
One of the top earners in the country in 2008, Lahey was the highest-paid president of all Connecticut colleges and universities. Yale University President Richard Levin’s compensation was second, coming in at $1,530,008.
Lahey received $542,080 in salary and benefits in 2006, at the time making him “one of the highest-paid leaders among his peer institutions,” according to the Chronicle of Higher Education.
This most recent list is made up of 448 private-college presidents, 30 whose income totaled more than $1 million, whereas the last report listed 23. The Chronicle reported none in 2004’s list.