PITT BOARD OF TRUSTEES SETS OFFICERS' COMPENSATION

PITTSBURGH, Nov. 15 -- The compensation committee of the University of Pittsburgh Board of Trustees met today and approved the salaries of University officers for the current fiscal year.

In doing so, Board Chairperson J.W. Connolly stated: "The actions taken reflect the fact that the University of Pittsburgh has experienced another year of remarkable progress. Those accomplishments further fueled the dramatic turnaround that has been driven by Chancellor Mark Nordenberg and his senior leadership team. When Chancellor Nordenberg assumed office, enrollments were down, salaries were frozen, private fundraising was stagnant, and major projects were stalled. During the past year, in sharp contrast, we set all-time records for student body quality, private fundraising, research support, and total revenues. In addition, enrollment was up, our bond rating was elevated, and we launched the most ambitious program of new construction and facilities renovation in our history. The key to all of these advances, and many others, has been leadership."

Citing this record of substantial progress in advancing the University's goals, the committee set Nordenberg's annual base salary for the 1999-2000 fiscal year at $265,000. The committee also authorized an incentive payment of $35,000 for the accomplishments of the past year. In commenting on these increases, Connolly noted that the committee had engaged in benchmarking studies and found that Nordenberg remained the lowest paid chief executive officer of any major university in Pennsylvania. "That is a disparity that the compensation committee will continue to examine," he said, "because there is no question that Pitt continues to benefit from the highest levels of leadership and commitment."

Upon recommendation of Nordenberg, the compensation committee also approved the 1999-2000 salaries of the following University officers: Carol Carter, vice chancellor for institutional advancement, $162,000; Jerome Cochran, executive vice chancellor, $207,500; Robert Dunkelman, secretary to the Board of Trustees, $133,000; Arthur Levine, senior vice chancellor for the health sciences, $515,000; James Maher, provost, $218,000; Amy Marsh, treasurer, $140,000; and Arthur Ramicone, vice chancellor for budget and controller, $152,000.

In addition, the committee approved one-time performance payments to Carter ($10,000), Cochran ($20,000), and Maher ($25,000). According to Nordenberg, "We have assembled a great team, and each of the University's officers has done an exceptional job. Over the course of the past three to four years, however, Carol Carter, Jerry Cochran and Jim Maher have assumed particularly demanding responsibilities. The fundraising, business, and academic leadership they provided over that extended period has been critical to our overall success, and their contributions merited this special form of recognition."

Connolly added, "The entire Board of Trustees is very proud of the University's recent progress. Pitt is the region's major provider of high quality higher education, a national center of pioneering research, one of the area's largest employers, and a key engine in the emerging economy. In so many ways, then, Pitt's success is critical to the future strength of the entire region. As our decisions today make clear, the Board is absolutely committed to supporting the highly effective efforts of Chancellor Nordenberg and his senior leadership team as they continue working to make our great University even better, for the benefit of our students and of the larger community."

The salaries approved are retroactive to July 1, 1999, the start of the University's fiscal year.

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