Dive Brief:
- The University of Texas at Austin's new president, Gregory Fenves, turned down the $1 million job offer he had on the table, opting instead for a $750,000 base salary.
- The Austin American-Statesman reports Fenves said via email that a $1 million salary would be “too high for a public university."
- Fenves, who will make about $125,000 more than his predecessor, also negotiated down his bonus amount from 12% of his base salary to 10%, according to the article.
Dive Insight:
Rapidly rising administrative costs have drawn criticism throughout academia, especially as many colleges and universities continue through budget cuts and staff layoffs. The University of Texas system has kept tuition relatively stable since 2011, despite requested increases from its schools last year. The prior decade, however, saw significant increases in the costs for students to attend. Fenves’ concern about the optics of a high salary take into account criticism that students are bearing the brunt of budget troubles throughout the country.