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HMC Executives Saw Compensation Increase from 2012 to 2013

Stephen Blyth, pictured at the Phi Beta Kappa Literary Exercises in 2013, was named the next president and CEO of Harvard Management Company on Wednesday.
Stephen Blyth, pictured at the Phi Beta Kappa Literary Exercises in 2013, was named the next president and CEO of Harvard Management Company on Wednesday.
By Mariel A. Klein, Crimson Staff Writer

UPDATED: May 15, 2015, at 4:42 p.m.

During his time as head of public markets in 2013, since-promoted Harvard Management Company president and CEO Stephen Blyth received $11.5 million in compensation, roughly double his compensation in the previous year, when he earned $5.3 million.

According to 2013 Internal Revenue Service tax filings, top HMC executives saw significant rises in compensation, which is determined on a performance-based system linked to overall investment performance.

In the 2013 calendar year, former Harvard Management Company president Jane L. Mendillo earned $9.6 million, significantly less than Blyth, who served under her leadership at the time, but a nearly $5 million dollar raise from her 2012 earnings of $4.8 million. Mendillo stepped down from Harvard’s investment arm in 2014 after serving a six-year tenure in the top position.

Stephen Blyth.
Stephen Blyth. By Muhammad H Tahir

Other HMC executives also brought in millions more than in previous years. Natural resources portfolio managers Alvaro Aguirre-Simunovic earned $9.6 million, up from his 2012 earnings of about $6.6 million. Head of alternative assets Andrew G. Wiltshire made $8.5 million in 2013, compared to $7.9 million in 2012.

The IRS Form 990 filing, which is required by all tax-exempt organizations, records the salaries of University officers and other top earners.

University President Drew G. Faust was paid $1,112,149 in 2013, more than a $100,000 increase from her 2012 total earnings. Faust was compensated a $784,533 salary as well as benefits—including the presidential residence at 33 Elmwood Ave. in Cambridge. She also earned a $75,000 salary and $175,000 in stock options for serving on the board of Staples, Inc.

University Provost Alan M. Garber ’76 made a salary of $622,341, receiving a total package of $808,343.

Harvard Medical School Dean Jeffrey S. Flier earned the highest salary compensation of the University deans listed, making $603,542. Julio Frenk, the outgoing dean of the School of Public Health, earned a $574,301 salary, while Dean of the Faculty of Arts and Sciences Michael D. Smith received a salary of $494,801.

Harvard Business School Dean Nitin Nohria earned a salary of $552,501 and a total package of $696,803.

Former vice president for public affairs and communications Christine M. Heenan, who departed from her position in February 2015, received $441,384 in total earnings, a slight decrease from her 2012 $447,910 total package. Harvard’s executive vice president Katherine N. Lapp earned a total package of $657,955, and general counsel Robert W. Iuliano ’83 received a total of $557,165 in 2013, among the highest earners of University administrators. Vice President for Alumni Affairs Tamara E. Rogers earned a total package of $432,927 during Harvard’s ongoing capital campaign.

—Staff writer Mariel A. Klein can be reached at Follow her on Twitter @mariel_klein.

This story has been revised to reflect the following correction:

CORRECTION: May 15, 2015

An earlier version of this article incorrectly implied that University President Drew G. Faust's compensation from Staples, Inc. is included in her Harvard compensation. In fact, it does not count toward her $1.1 million total package from Harvard.

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