Faust Earned More Than $875,000 in 2010
Harvard paid University President Drew G. Faust $875,331 in salary and benefits in 2010, slightly more than the $874,559 she earned in 2009, according to a report in the Boston Globe.
In 2010, Faust received $120,901 out of her benefits package in the form of the use of her Cambridge mansion, known as Elmwood.
Faust is far from the highest-paid university president. According to a report in the Chronicle of Higher Education, E. Gordon Gee, president of Ohio State University, boasted the biggest paycheck among public university presidents in the 2010-11 fiscal year, at $1,992,221 in salary and benefits. In 2009, the Chronicle reported, Yale President Richard C. Levin made more than $1.6 million, making him the ninth-highest-paid private university president. The number one earner that year, Drexel’s Constantine N. Papadakis, took home more than $4.9 million.
Pay for several officials at the Harvard Management Company, which manages Harvard’s more than $30 billion endowment, greatly exceeded Faust’s compensation, according to the Globe report.
Jane L. Mendillo, president and CEO of HMC, earned $3.5 million, down from $4.8 million in 2009.
HMC Managing Director and Head of External Management Andrew G. Wiltshire received $5.5 million, making him the highest-paid official at HMC in 2010.
HMC determines compensation for many of its managers based on investment performance, according to a 2011 press release.
Harvard’s endowment grew to $32 billion for the fiscal year 2011, up from $27.4 billion at the close of fiscal year 2010.
Mendillo and other endowment managers “continue to steer the endowment through challenging markets, returning value to the portfolio and the university while positioning Harvard’s endowment for the long term,” University Treasurer James F. Rothenberg '68 said in a statement.
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