Deferred compensation used to keep private college presidents from stepping down contributed to pay increases averaging almost 9 percent for leaders in office two or more years, a new analysis finds.

The Chronicle of Higher Education this evening released its latest annual look at what hundreds of private college and university leaders across the nation are paid.

It found that 39 presidents earned more than $1 million — including one who topped $5.4 million — compared with 32 who earned $1 million or more the previous year. Read More