Private‑college presidents saw outsized compensation gains in 2023, driven largely by a spike in leadership transitions that year. Pay packages — including base salary, bonuses and benefits — rose as boards scrambled to recruit from a small talent pool amid closures and market stress. Boards and compensation committees should expect continued scrutiny from stakeholders over pay fairness, given continued enrollment pressures and public skepticism about higher‑ed value. Trustees will need defensible compensation frameworks tying pay to clear performance metrics and long‑term institutional sustainability.