"Amid protests from employee unions, CSU trustees on Wednesday approved the elimination of salary caps for top executives, allowing for higher pay packages as they recruit for president posts at five universities. The new pay structure, approved 16-1, scraps a previous policy that limited the salary of a newly hired president to no more than 10% above their predecessor. It calls for executive salaries to be based on market analyses conducted at least every three years."
"The also introduces bonuses, which will be capped at 15% of base pay. The bonuses, contingent on whether the executives meet their goals, will be funded through what one finance official described as "campus-based auxiliaries" that include philanthropic sources and private fundraising, rather than state or tuition funds. CSU's chancellor, vice chancellors and university presidents will also receive enhanced retirement benefits and housing stipends for campus presidents will be increased."
CSU trustees voted 16-1 to remove a prior rule limiting new presidents’ pay to no more than 10% above their predecessors, replacing it with market-based salary reviews at least every three years. The plan permits bonuses capped at 15% of base pay tied to goal achievement and specifies that bonus funding will come from campus-based auxiliaries such as philanthropic and private fundraising rather than state or tuition funds. Enhanced retirement benefits and increased housing stipends for campus presidents are included. The change aims to attract and retain leaders across the 22-campus system and prompted protests from unions and some students, with Lt. Gov. Eleni Kounalakis as the sole dissenting trustee.
Read at Los Angeles Times
Unable to calculate read time
Collection
[
|
...
]