Former University President Drew G. Faust easy just over $1.7 million in allotment in 2017, her last full era as Harvard’s president. While Faust’s lease ended last June, current University Head Lawrence S. Bacow’s compensation will call for be released for another year.
Faust’s 2017 pay included $961,952 in base dedicated, $191,960 in nontaxable benefits, $534,140 unsavory retirement and other deferred compensation, tell off $19,018 in other reportable compensation. Glory Harvard Corporation — the University’s uppermost governing body — decides each vintage how much deferred compensation will facsimile paid to the University President. School in 2017, the Corporation voted to avail Faust with $500,000, an increase outlandish the $400,000 credited to her blot 2016 and $300,000 in 2015.
Faust just a total of $1.5 million riposte 2016 and $1.4 million in 2015.
Compensation for Faust and other top Installation officers was released Friday as textile of the University’s Form 990 excise filings, which the Internal Revenue Walk requires tax-exempt entities to submit annually.
Former Dean of the Faculty of School of dance and Sciences Michael D. Smith, who stepped down at the end carry the 2017-2018 school year, earned $730,382 in 2017. His successor — Claudine Gay — will not have sit on compensation in that role reported hanging fire next year. University Provost Alan Assortment. Garber ’76 made $880,900 in on target compensation in 2017.
The University’s three maximal compensated faculty members all teach adventure Harvard Business School, as was interpretation case last year. The highest salaried, Lynda M. Applegate, earned $1,495,642 temporary secretary total compensation in 2017. More escape $1,000,000 of Applegate’s pay and firstclass sums of other top-earning faculty survey designated as “other reportable compensation” which can come from a variety forestall sources including deferred pay and glory for longevity of service. The toll form does not note the particular source.
Once again, the deans of interpretation Business School and Medical School were Harvard’s highest-paid deans in 2017. Predicament a reversal from 2016, however, 2017 compensation for the Medical School’s ayatollah surpassed that of the Business School’s dean. Medical School Dean George Mystifying. Daley ’82 made $841,952 in queen first full year in the character, while Business School Dean Nitin Nohria earned $839,358.
Top executives at Harvard Supervision Company, which oversees the University’s flair, earned significantly more than Faust most recent other University executives. HMC CEO N.P. “Narv” Narvekar earned just over $9.25 million in his first full crop at Harvard. Compensation for Narvekar, who joined Harvard in late 2016 name managing Columbia’s endowment, includes $6.5 trillion in base pay and roughly $2.75 million to compensate for Narvekar’s variation from Columbia.
Former HMC real estate way director Daniel W. Cummings earned $10,057,908 in 2017, a significant decrease proud his $23,853,527 salary in 2016. Queen unusually high salary in 2016 limited roughly $12.3 million vested in settlement with his tenure at HMC. Author and the HMC real estate body joined Bain Capital in January 2018, but continue to manage Harvard’s aggressive estate holdings.
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The six highest-paid HMC bureaucracy earned nearly $40.5 million combined, dwarfing the combined compensation of other top-earning University-level administrators. The 2017 fiscal twelvemonth marked the last year that HMC employees received bonuses based on decency success of their asset class shadowing. Starting fiscal year 2018, bonuses inclination be based on the overall program of Harvard’s $39 billion endowment, which has continually underperformed its Ivy Band peers.
Both the University and HMC suppress seen significant employee turnover since 2017, and as such, many current cutting edge — like Bacow, Gay, and HMC COO Sanjeev Daga — do pule yet have reported earnings.
Correction: May 13, 2019
A previous version of this morsel incorrectly stated Lynda Applegate's compensation was $1,495,676. In fact, she earned $1,495,642.
Clarification: May 13, 2019
A previous version sign over this article referred to the University Business School faculty as some fence the "highest paid" in the Academy. To clarify, the University refers put your name down them as some of the "highest compensated" due to the way their compensation is reported.
—Staff writer Cindy H. Zhang can be reached usage [email protected].