The Board of Trustees have approved an $85,000 pay raise — from $515,000 to $600,000 per year — for President Rodney Erickson, which went into effect on November 1.
According to the release from Penn State, the raise is “performance based” and was reviewed by the entire board, although something tells me Anthony Lubrano and friends weren’t so peachy about the proposition.
“President Erickson has done a tremendous job leading our University through a difficult year — one of the most difficult in the history of Penn State,” said lame duck board chair Karen Peetz. “It is imperative that we have a strong, effective leader to ensure our future excellence. Rod Erickson is that leader. His salary is in line with competitors and we are pleased to support his presidency.”
The raise comes after Erickson’s annual performance review, which looks at factors such as “leadership, management of financial resources, planning, and resource development.” I imagine a Grand Inquisition style performance review of Rodney Erickson conducted by the Alumni Association would have been more entertaining. They could have even sold tickets to help pay the NCAA fine.
The 16.5 percent salary increase Erickson at about the 50th percentile of base salaries for presidents and chancellors of similar research universities according to the release. Of course, Penn State might be paying much more for its President in 2014 after Erickson retires.