While Cardozo Law students may worry about a stagnant economy and flat job market, Yeshiva University President Richard M. Joel may only have to worry that more money may mean more problems, as he was recently ranked the 12th highest paid college president.
The ranking, listed in the Huffington Post, places Joel among an eclectic group of thirty college and university presidents who made more than $1 million during the 2008-’09 fiscal year. Joel’s compensation totaled $1,211,429, according to the Chronicle of Higher Education’s annual report on Executives’ Compensation at Private Institutions.
Joel’s 2008-’09 compensation represented a 56 percent increase from his compensation of $775,293 the year before. In 2008-’09, Yeshiva University ran a deficit of $181,012,812 and in 2007-’08 the university ran a deficit of $61,235,305. Joel’s 2008-’09 compensation is also a 136 percent increase from his starting compensation of $513,000 in 2003-’04.
Yeshiva’s compensation to President Joel is comparable to that of other private New York City universities. Columbia University President Lee Bollinger had a 2008-’09 compensation package of $1,753,984. New York University President John Sexton had a 2008-’09 compensation package of $1,366,878. However, Pace University President Stephen Friedman had a 2008-’09 compensation package of only $481,465.
President Joel’s compensation is sig- nificantly more than that of presidents at other religiously affiliated universities. Fordham University President Rev. Joseph McShane had a 2008-’09 compensation package of only $8,322, and St. John’s University President Rev. Donald Harrington had no listed total compensation. However, university presidents who are members of religious orders often have their compensation directed towards their specific religious order.
President Joel declined to comment on inquiries from the Jurist.
“President Joel doesn’t comment about his compensation,” Senior Director of Media Relations Mayer Fertig said.