The new principal of Abertay University in Dundee earns £83,000 less per year than his predecessor.
Professor Nigel Seaton, who took up his position last August, currently receives a basic salary of £161,950.
This is less than the £245,000 received by Professor King and Professor Nicholas Terry, his immediate predecessors in the role.
Professor King was principal until he was suspended in early 2011 pending an investigation by the university court into a range of issues believed to include a dispute about the future direction of Abertay.
This led to Professor King’s official retirement a few months later that year. His deputy, Professor Terry, took on the role of acting principal until Professor Seaton was appointed.
The National Union of Students has released figures for the academic year 2011/12 which revealed that there are 88 staff at Scottish universities who earn more than the £140,000 Alex Salmond earns as First Minister each year.
Aberdeen University principal Professor Sir Ian Diamond was the highest earning principal in 2011/12. He received a salary of £242,000 plus pension contributions of £61,000, making a total package worth £303,000.
At that time, Abertay paid a salary of £245,000 plus pension contributions worth £28,000, giving total remuneration of £273,000.
Dundee University principal Pete Downes received a total of £242,254, while St Andrews University principal Professor Louise Richardson received £271,000 overall.
Although an Abertay University spokesman said the £245,000 salary figure paid in 2011/12 is now out of date, Professor Seaton still has a higher basic salary than the First Minister.
“It was the acting principal’s salary set under the previous principal,” he said.
Professor Seaton will also receive contributions to his pension but as these are based on a percentage of his salary, they will be less than the £28,000 Professor Terry received.
Robin Parker, president of NUS Scotland, said: “It’s unjustifiable for university principals and other senior staff to routinely be paid such large sums.
“There are 88 senior staff members at Scottish universities who earn more than the First Minister, and across our institutions the gap between the lowest and highest paid is too large, with some receiving almost 20 times that of the lowest-paid university employee.”
Universities Scotland defended the high salaries, claiming they reflect the demands of leading multi-million-pound institutions such as universities.