Editor’s note: The figures highlighted in Mr. Scott’s letter reiterate what was reported by The Gettysburgian initially. While the President’s FY 2022-23 $621,127 base salary is about 4% higher now than his base salary set in his initial 2019 contract, the President’s total compensation during FY 2022-23 (the latest publicly available data) of $731,660 is 38.27% higher than that of former president Janet Morgan Riggs. She was paid $529,162 in total compensation during FY 2018-19.
By Charles T. Scott ’77, Voting Emeritus Trustee
As Chair of the Compensation Committee of the Board of Trustees, I wanted to provide context around the recent article “Tax Filing Reveals Executive Salary Increases Amid Financial Constraints” in the hopes of providing additional perspective on President Iuliano’s compensation.
- Upon his hire in 2019, the president’s salary was set at $600,000.
- After five years, his base salary has increased to $625,000, representing a 4% increase in total over that period.
- In 2020, in response to the global pandemic, the president voluntarily reduced his compensation by $82,500, resulting in an effective average salary below his starting salary for the entirety of his five-year tenure at Gettysburg.
- A significant portion of President Iuliano’s base salary was deferred for three years as a retention incentive for him to complete his initial contract, a practice that is very common in executive compensation.
- The IRS Form 990 includes the reinstatement of a portion of the president’s one-year voluntary salary reduction during the pandemic. Regrettably, this reinstatement has been misinterpreted as a significant one-time salary increase rather than the fulfillment of the initial contract’s salary terms.
- As the article explains, the president’s salary aligns with the market benchmark, indicating that presidents at comparable institutions receive similar compensation.
Finally, the Board of Trustees deeply appreciates the president’s flexibility and leadership during challenging times, including his voluntary salary reduction during COVID-19.
