Board of Trustees approves salary increases for six officers

Pitt’s Board of Trustees Compensation Committee approved salary increases for six University… Pitt’s Board of Trustees Compensation Committee approved salary increases for six University officers, which averaged at 3.1 percent for the 2011-2012 fiscal year.

During a 15-minute conference call meeting this morning, the Board voted to increase the salaries of those six officers, bringing the six salaries to a total of $3,042,000. The salary increases are compatible with raises that have been rewarded to other Pitt employees, according to Board chairman Stephen Tritch.

In light of the economic situation at the University, including a $40 million cut in state funding, Chancellor Mark Nordenberg requested that his salary remain at its current amount of $561,000. The committee reluctantly approved Nordenberg’s request to deny an increase.

Patricia Beeson, senior vice chancellor and provost, received the biggest percentage increase in her salary at 4.6 percent.

Her current salary was meant for someone in her position for their first year, and “it’s hard for me to imagine anyone having a better first year [than Beeson],” Tritch said.

Amy Marsh, the chief investment officer and treasurer, got the second largest percentage increase at 3.5 percent, bringing her salary to $352,000.

Tritch said the Board recommended Marsh’s increase because she led the team that produced the highest fiscal year return on the University’s endowment, which totalled a return of more than 22.4 percent.

The committee approved the largest increase in terms of actual dollars to Arthur Levine, senior vice chancellor for health sciences and dean of the School of Medicine. His $745,000 salary, the largest of the six officers, was increased 2.3 percent, bringing his 2011-2012 salary to $762,000.

The remaining three officers all received a 2.7 percent increase. Jerome Cochran,executive vice chancellor and general counsel, will receive a salary of $475,000.

Secretary for the Board of Trustees and assistant chancellor, B. Jean Ferketish, will receive $208,000 while the Chief Financial Officer, Arthur Ramincone, will get $344,000.

Tritch said that the salaries are tied to the annual state appropriation, in which Pitt lost $40 million this year. But the salary increases were recommended because of the “institutional performance and contributions made by those officers.”

In July, the Trustee Executive Committee, which acted for the Board, approved a 2 percent salary increase for all University employees. For employees who earned $40,000 or less, the salary increases became effective July 1. All other employee increases will become effective on Jan. 1, including the six increases approved today.