Carlos Saravia, managing director, generalist team: $4,632,067.Richard Slocum, chief investment officer: $5,003,037.Benjamin Brady, senior vice president, real estate: $5,776,662.Kavindi Wickremage, senior vice president, real estate: $5,843,513.Pay for other reported HMC employees was as follows:
Narvekar made $7,201,795 in total compensation, $6.25 million of which was his regular performance pay for that year, and the remainder continuing reimbursement for pay he forfeited after leaving his former position as the head of Columbia’s endowment. Calendar year pay for 2018, however, is based only on performance through the end of fiscal year 2018 (through June 30, 2018), and does not account for endowment performance in fiscal 2019, when returns were 6.5 percent. The 2018 earnings for HMC employees cover the second half of fiscal year 2018, when returns were 10 percent, and the first half of fiscal year 2019. In fiscal year 2019, $1.9 billion of this income was used to pay for Harvard’s academic programs, financial aid, faculty support, scientific research, and other needs, according to an HMC press release.
The organization manages the investment of Harvard’s endowment, the income from which makes up more than one-third of the University’s annual budget. Top salaries at HMC, a wholly owned subsidiary of Harvard, are always much higher than those of University employees. Baldwin, taught at Harvard Business School and earned more than $1.5 million, which included for each of them a teaching salary, early retirement package, and insurance benefits. Tushman and White professor of business administration Carliss Y. The University’s two highest-paid faculty members, Baker Foundation professor Michael L. Margulies Harvard Medical School dean George Daley and dean of Harvard Business School Nitin Nohria. Iuliano executive vice president Katie Lapp former vice president for alumni affairs and development Tamara Elliott Rogers vice president and chief information officer Anne H. Hollister senior vice president and general counsel Robert W. Bacow, who began his term on July 1, 2018, and earned $570,072 vice president and chief financial officer Thomas J. Other reported University administrators making more than $500,000 in total salary and benefits in 2018 include President Lawrence S. Smith, the former dean of the Faculty of Arts and Sciences, who stepped down in August 2018, earned $761,770, up from $730,382 the previous year. Garber earned $926,217 in total compensation in 2018, up from $880,900 the previous year, and Michael D. This money is kept in a “deferred compensation account” that vests in three-year cycles-so the deferred compensation from 2015, 2016, and 2017 all vested in 2018. Members of the Harvard Corporation voted each year on how much deferred compensation Faust would receive “to recognize exceptional service and encourage retention.” In 2017, the Corporation voted to credit her with $500,000, up from $400,000 in 2016 and $300,000 the previous year. Former president Drew Gilpin Faust, who stepped down in July 2018, made in total compensation in 2018 $3,612,247 (up from $1,707,070 in 2017.) That figure includes $987,027 in base compensation, a $1,000,000 long-term-service bonus, $34,814 in retirement and other deferred compensation, $110,646 in nontaxable benefits (including the personal value of University-provided housing as well as health and other employee benefits), and $1,479,759 in other reportable compensation, $1,200,000 of which was previously reported as deferred compensation, but was paid in fiscal year 2018.
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