Senior administrators at Stanford University are taking a pay cut as the nation's economic downturn strains the school's budget.
Hennessy makes around $700,000.
A university spokeswoman says the pay cuts affect about 15 to 20 positions with the cuts being taken by people with a ride range of salaries.
Like other universities, Stanford has seen its endowment fall in the financial downturn.
Income from tuition also has dropped as demand for financial aid increases.
The university says layoffs are inevitable as it looks to cut up to $100 million from its general fund budget over the next two years.
The budget for this year is currently about $800 million.