Wake Forest University President Nathan O. Hatch is the highest paid private college leader in the country, according to a new report by the Chronicle of Higher Education

The study shows that his total compensation for 2015 was just over $4 million, which is the most recent data available. The number reflects a base salary of nearly $840,000, with the rest of the total coming from bonus pay, a retirement package, and a category called "other."

That's the area that saw the largest one year increase - from $113,301 to over $3 million.

A statement from Wake Forest University says the jump is in part due to a yearly accrual of a supplemental retirement package. Money had been going into it since Hatch was hired, and was paid out after his 10th year as president.

The statement says that the compensation is reflective of Hatch's “exceptional leadership.”

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