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Bacow Made $570,072 during First Six Months of Presidency, Per Financial Disclosures

Harvard released new financial disclosure forms Friday.
Harvard released new financial disclosure forms Friday. By Steve S. Li
By Ellen M. Burstein and Camille G. Caldera, Crimson Staff Writers

University President Lawrence S. Bacow made $570,072 in 2018, the first six months of his term, while former University President Drew G. Faust made $3.6 million in her final six months in office and next six months as a University Professor.

The salaries were released as part of the University’s Form 990 tax filings for Fiscal Year 2019, which the Internal Revenue Service requires tax-exempt entities to submit annually. Salaries are reported on a calendar year rather than a fiscal year.

Faust’s salary in the final stretch of her presidency was considerably higher than in previous year, in part since it included $1.4 million accrued over three years from her deferred compensation account. In 2017, her tenth and last full year as president, Faust made just over $1.7 million.

Like the role of president, the role of Dean of the Faculty of Arts and Sciences turned over midway through 2018, when Claudine Gay succeeded Michael D. Smith. Gay made $487,562 in 2018, which included her first six months in the role, while Smith made $761,770 in 2018, his last six months, though both held other roles at Harvard for the rest of the year.

Provost Alan M. Garber ’76 accrued $926,217 in total compensation in 2018, while Executive Vice President Katherine N. Lapp earned $781,537.

Robert W. Iuliano, the former general counsel, made $739,410. Tamara Elliott Rogers, the former vice president of alumni affairs, made about $860,941.

Dean of Harvard Medical School George Q. Daley and Dean of Harvard Business School Nitin Nohria were again the University’s highest-paid deans, with Daley earning $858,969 and Nohria earning $904,506. In November 2019, Nohria announced plans to retire after the 2020 academic year, but he has since elected to stay on to shepherd the Business School through the coronavirus crisis.

The top four highest-compensated faculty members at the University — Michael L. Tushman, Carliss Y. Baldwin, Francesca Gino, and Stuart Gilson — all teach at Harvard Business School. Tushman and Baldwin both received tenure buyouts from the Harvard Business School’s voluntary retirement incentive plan, per University spokesperson Jason A. Newton. The fifth-highest-compensated faculty member, David J. Malan ’99, is a computer science professor who teaches the College’s popular introductory course, Computer Science 50.

Salaries of executives at Harvard Management Company, which oversees the University’s $40.9 billion endowment, also ranked significantly above administrators.

HMC CEO N.P. “Narv” Narvekar made roughly $7.2 million in 2018, a slight decrease from the $9.25 million he earned in 2017.

HMC’s other highest compensated employees included Kavindi Wickremage and Benjamin Brady, both former portfolio managers in the real estate investment group — which has since become a part of Bain Capital — at around $5.8 million each; Chief Investment Officer Richard Slocum, at roughly $5 million; and Carlos Saravia and Adam Goldstein, two members its generalist investment team, who made roughly $4.6 million each.

Of HMC’s ten highest-grossing employees, just two — Wickremage and Kathryn I. Murtagh, the chief compliance officer who made $1.8 million — were women.

Though they won’t be released until 2023, salaries for top administrators in 2021 will likely decrease compared to previous years, since Bacow, Garber, and Lapp announced in April that they would each take a 25 percent pay cut as a result of coronavirus-related financial hardship.

Clarification: July 10, 2019

A previous version of this article stated that salaries for former University President Drew G. Faust, former Dean of the Faculty of Arts and Sciences Michael D. Smith, and Dean of the Faculty of the Arts and Sciences Claudine Gay were for the six months of 2018 that they served in those roles. To clarify, for the other six months of the year, each received payment from Harvard for other roles at the University.

Correction: July 13, 2019

A previous version of this article incorrectly stated compensation numbers for four employees of the Harvard Management Company: N.P. “Narv” Narvekar, at $8.56 million; Richard Slocum, at $6.2 million’ and Carlos Saravia and Adam Goldstein at $5.6 million each. In fact, Narvekar made $7.2 million, Slocum made $5 million, and Saravia and Goldstein made $4.6 million. The Internal Revenue Service requires employers to report a portion of guaranteed contract payments for the following year in the years prior, which were incorrectly added into the compensation for 2018, causing the discrepancy.

—Staff writer Ellen M. Burstein can be reached at ellen.burstein@thecrimson.com. Follow her on Twitter @ellenburstein.

—Staff writer Camille G. Caldera can be reached at camille.caldera@thecrimson.com. Follow her on Twitter @camille_caldera.

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