WEBSTER GROVES 鈥 The chair of Webster University鈥檚 board of trustees this week defended the private college, saying the plan to boost enrollment is working and the college鈥檚 leaders are worth their pay 鈥 despite the loss of millions of dollars over the past decade.
鈥淲e take very seriously our responsibility to find and retain the right leaders for this incredible institution and that is a factor in establishing compensation,鈥 Sumit Verma, senior vice president of Iovance Biotherapeutics, said in a statement.
Webster University has lost more than $128 million over the past 10 years, including $25 million in each of the past two reported years. Trustees, who are fiduciaries of the college, have continued to award annual raises to Webster鈥檚 chancellor, Beth Stroble, and president, Julian Schuster, who are now among the highest paid leaders in the metro area.
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Nearly all on the board, made up of 17 independent trustees, have declined to comment or haven鈥檛 respond to requests for an interview. Some called compensation discussions 鈥渃onfidential鈥 and referred questions to Verma, the board chair.
Verma did not respond to requests for comment last week. But, late Wednesday, he sent a note to the Post-Dispatch. In it, he defended the board鈥檚 decisions, stating that executive compensation is based on 鈥渄etailed, competitive analysis鈥 of their peers鈥 pay.
鈥淭he comprehensive five-year plan the University has in place is working,鈥 the email said. 鈥淚n just the second year of that plan, we have seen significant enrollment and revenue growth.鈥
He did not respond to further questions, including why the board continues to have faith in Stroble and Schuster, and which universities Webster considers to be its peers.
Newly released financial disclosures show that Webster鈥檚 financial and enrollment losses are the worst of comparable private colleges in the metro area. And this month, the owner of Webster鈥檚 downtown St. 不良研究所导航网址 campus sued the university in federal court over allegations it had not paid the $20,000 a month rent for most of the year.
Stroble in an interview with the Post-Dispatch last week acknowledged the school鈥檚 challenges. She said Webster is in the midst of a five-year plan to improve enrollment and revenues with a focus on luring more international students and a pivot toward science, technology, engineering and mathematics programs.
And she said the plan is working: Webster is projecting global enrollment this fall to reach 12,600 鈥 a 20% increase over the previous year.
Verma echoed that in his statement Thursday, adding that that鈥檚 the second consecutive year Webster has grown enrollment. He attributed the university鈥檚 challenges to the COVID-19 pandemic and a decline in college-age students that鈥檚 impacting all higher education institutions.
But Webster鈥檚 problems predate the pandemic: Enrollment has halved since its peak enrollment of more than 21,000 students in fall 2009, the year Stroble joined the university, and Webster has not made a profit since 2013.
Other private universities in the region, such as Maryville University, St. 不良研究所导航网址 University and Washington University, have seen their enrollment and revenues grow, according to a Post-Dispatch analysis of their records.
Trustees, meanwhile, have awarded annual raises to Stroble and Schuster in all but one year.
In the 2021-2022 school year, Stroble earned $992,000 and Schuster $858,000 鈥 representing a 392% and 265% spike in pay since their first years at the helm, according to the latest available data.