Historically black Clark Atlanta University board of trustees and former president Walter Broadnax, under fire over his $1.1 million salary despite financial woes.
SHAME: A recent study of college and university presidents compensation by the Chronicle of Higher Education revealed that historically black Clark Atlanta University paid its former president, Walter Broadnax, $1,158,537 in 2008, the same year he retired. Broadnax was among the 30 highest-paid private-college presidents in America. This is shocking and disgusting because the university was plagued with a myriad of financial problems at that time. According to the Atlanta Journal Constitution, Juanita Baranco, chairwoman of the university's board of trustees, said it was a good deal for the financially struggling school.
"The contractual payout amount was not out of line with the job we were asking Dr. Broadnax to do," board chairwoman Juanita Baranco said. "He came in and literally transformed the university, so the contract was a sound business judgment when we entered into it in 2002.. I do want to emphasize that this was a unique situation."
But an expert on compensation for college presidents said the deal appears to have been extraordinarily generous, and Clark Atlanta faculty say they've been unable find presidents at comparable schools who made comparable money. Source: Atlanta Journal Constitution
Sorry, but this overly generous compensation package warrants a look by the Internal Revenue Service. I can't understand how Ms. Baranco can justify such a hefty salary at the expense of the current students, faculty and alumni. Current students are being squeezed every side they turn in their quest to obtain a college education, while their presidents have hit pay-dirt at their expense. I guess being a college president at a private institution is another career path for many to consider.
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