Board of Trustees approves new salaries for Pitt leaders

The University of Pittsburgh’s Board of Trustees approved new salary and compensation packages for four Pitt administrators in a meeting of the Compensation Committee on June 21, increasing two administrators’ salaries compared to their predecessors.

The Board signed off on salaries for Provost Joseph McCarthy, Vice Chancellor Phil Bakken, Vice Chancellor and Chief Financial Officer Dwayne Pinkney, and approved yearly retention payments for Vice Chancellor and Chief Legal Officer Geovette Washington.

McCarthy and Bakken, who will earn annual salaries of $543,000 and $300,000 respectively, will top their predecessors’ salaries of $496,670 and $260,625. Vice Chancellor Pinkney, who is assuming the duties of both Narahari Sastry, the former chief financial officer, and David DeJong, the vice chancellor for business and operations, will receive a $630,000 salary, a $50,000 signing bonus and $100,000 retention payments beginning in 2025.

The Board places an emphasis on drawing in talented leaders for the University, according to University spokesperson Jared Stonesifer.

“The University of Pittsburgh has experienced tremendous forward momentum in recent years, and the Board of Trustees understands that to continue that trajectory, it must continue to attract the best talent and retain leaders who have been instrumental in our achievements,” Stonesifer said.

While McCarthy and Bakken’s salaries are increased compared to their predecessors, the University will save on Pinkney’s salary because he is serving two roles. His predecessors earned a combined salary of $876,874.

“The new position of Executive Senior Vice Chancellor for Administration and Finance and Chief Financial Officer combines the roles and responsibilities of the Senior Vice Chancellor for Business and Operations with the role of Chief Financial Officer into a single position,” Stonesifer said. “The salary for Dr. Pinkney was based on a careful analysis of the market and reflects that we collapsed two jobs into one, which results in significant savings.”

Vice Chancellor Washington received a $200,000 retention payment on July 30 and will receive $150,000 payments through 2028.

“This retention payment ensures that one of the senior leaders central to the University’s recent success remains at Pitt for years to come,” Stonesifer said.

Henry Cohen, a junior political science and urban planning major and co-president of Pitt Democrats, took a “cynical” view of the increased salaries.

“They’re doing it because they want to keep their leadership in place, and their leadership wants money,” Cohen said. “I do not necessarily think… we have seen any [indicators] that these people deserve a raise. They’re already incredibly overpaid and will continue to be overpaid to even higher degrees.”

Joshua Minsky, a senior neuroscience major and president of College Republicans at Pitt, noted that these salary increases come as tuition prices rise yet again.

“[They’re] spending millions of dollars every year on pay raises… [but] tuition is going up and the cost of living is going up at the same time,” Minsky said. “[They’re] really just making college more and more unaffordable, especially [for a] state school.”

Stonesifer touched on the Board’s consideration of market prices when deciding on salaries.

“The Board of Trustees set the salaries for these University officers at a level that is commensurate with competitive salaries for similar positions at peer institutions,” Stonesifer said.

Still, Cohen said he believes that Pitt is spending too much money on its senior administrators.

“I don’t think that it’s fair that tuition prices are going to line their pockets and pay for their mansions,” Cohen said. “That’s not what you pay money to go to college for.”