Stanford Admins Take Pay Cut in Face of Financial Strain
Provost knocks down salary by 10 percent
Updated 10:24 AM PST, Wed, Dec 3, 2008
Senior administrators at Stanford University are taking a pay cut as the nation's economic downturn strains the school's budget.
Provost John Etchemendy says he and President John Hennessy have volunteered to reduce their salaries by 10 percent.
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.
First Published: Dec 3, 2008 10:20 AM PST
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