Wednesday, September 21, 2005

University of Kentucky: Faculty Salaries Raised 2% in the Last Two Years, Hiring Freezes b/c of Lack of Funds, Student Costs Go Through the Roof, and

The me-first attitude is exemplified by UK's president, screw you as long as I get mine.

(Courtesy of A and M who in this case should stay anonymous)

UK's Todd signs new three-year contract: PRESIDENT'S SALARY RAISED ABOUT 67%
By Art Jester
Lexington HERALD-LEADER STAFF WRITER

University of Kentucky President Lee Todd signed a new three-year contract yesterday that raised his salary by about 67 percent and allows him to earn as much as $461,000 this academic year.

That would increase his pay by $185,670 above the $275,330 he earned in 2004-2005.

The contract puts Todd's salary within striking range of the bottom rung of the nation's 20 highest-paid university presidents.

The pact also provides a clause for renewing Todd's contract for another three years, which would take him to the mandatory retirement age of 65 for senior officials and staff at UK.

Todd, who is 59, will be 65 on May 6, 2011. He said he anticipates he will want to be president until then. He became UK's president in 2001.

Todd and James Hardymon, chairman of the UK Board of Trustees, signed the contract immediately after it was unanimously approved by the board.

Under the contract, Todd gets:

" A base salary of $286,000 a year, plus an annual pay raise that goes to UK employees.

" Extra pay totaling $50,000 annually as chairman of two UK boards -- $25,000 from the UK Research Foundation board and $25,000 from the UK Athletics Association board.

" Incentives that will be paid on the basis of how well Todd leads UK toward several goals that are expected to establish it as a top 20 public research university. Todd could get a $125,000 bonus this academic year, and he is eligible for a $150,000 bonus in each of the two subsequent two academic years.

" A $100,000 bonus if he completes his contract. If he serves until age 65, he would be eligible to receive a full year's salary and benefits.

n Upon retirement, Todd would be eligible to become a tenured full professor of engineering at a salary determined by the dean of UK's College of Engineering.

Todd, a former UK engineering professor, said it was too early to know whether he would be interested in this.

Todd told the board he was "humbled by your confidence."

Hardymon and Todd had negotiated the contract since June. Both men said they liked a three-year contract because it gives a good length of time to evaluate progress and is being used frequently now in corporate management contracts.

Hardymon said that the board is overwhelmingly positive about Todd's leadership and that it hopes Todd will serve to age 65.

The board's only major criticism of Todd has been that he needed to be more visible and accessible on campus.

Todd said he is already meeting with numerous campus groups and plans to meet with all faculty and staff in each of UK's colleges, or main academic units, this academic year.

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6 comments:

Susannity! (Susanne) said...

2% isn't even cost of living.

So is he an uber amazing prez? Why this huge jump for him or is this kind of package similar to previous prezs'?

Thivai Abhor said...

This is standard American business practice?

The CEOs (presidents) continue to increase their incomes at an astronomical rate while cutting or decreasing (and dismissing) wages of the workers (faculty/staff) and gouging the consumers (students).

I know some may flinch when seeing me place students as consumers fo "education" but this is the business model of higher-education and I have seen more president's offices now being labeled CEO... which only lends credibility to that perspective...

Anonymous said...

As a true corporate manager I can attest this is the way business is done. Those in the higher slots on the ladder, not just the CEO, reap the benefits. Management pay is normally higher then COLA and it was explained to me this way by a VP..." We pay you more than Joe Slob because Joe Slob is easily replaceable. We could replace you but at a much higher cost than you are making now." I s**t you not, this is what is used as a business justification.

Commodities is the proper term for students as much so as it is for the working poor.

Abby Normal

ariadne said...

Thiavi,

The Herald-Leader got it wrong. You should look up Troy Lyle's Kernel article on it. Don't get me wrong, Todd got an obscene amount of money, but a lot of it is in the form of bonuses (you know, for sticking around for his contract), $50,000 were for a couple of positions (you know, for doing work he should be doing anyway), and the rest was salary. Disgusting.

Thivai Abhor said...

Abby... always appreciate your brutal insights from the belly of the beast

Ariadne, no surprise, I have to hire a couple of people to properly vet the stories I want to post from mainstream media sources and they denigrate indpendent media as unreliable ;) thanks for the correction!

Anonymous said...

This isn't standard American business, this is standard American politics. The problem is that there is no oversight. Those that decide his pay do it only because the prez can give them incentives. If it were a public corporation the shareholders would have a say.