February 27, 2012

HIGHER EDUCATION BUBBLE UPDATE: U execs are paid handsomely on their way out.

Since retiring 18 months ago as chancellor at the University of Minnesota Duluth, Kathryn Martin has collected more money from the U than she did in her last two years on the job.

One of nearly a dozen university executives to step down in the past two years, Martin was granted a two-month sabbatical, a 15-month “administrative transitional leave,” a final deposit to her retirement fund, and a severance check. Total: $535,700.

Hers was the biggest in a series of compensation packages signed by former university President Robert Bruininks worth more than $2.8 million. The deals routinely granted top administrators lengthy paid leaves, then allowed them to return to faculty positions or depart the U’s payroll. . . . Many of the agreements rival in size the recent employment extension given to retiring U Athletic Director Joel Maturi, which caused several legislators to ask if the university is spending money wisely at a time when many Minnesota students and families are struggling to pay college costs.

Read the whole thing.

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