Harvard Discloses Administrator and Investment Manager Compensation

The annual release on leaders’ most recent pay

Harvard University shield

Harvard today released its 2022 tax filings, covering fiscal year 2023 (July 1, 2022, through June 30, 2023), including information on the earnings of University leaders, and the accompanying Harvard Management Company (HMC) disclosure of senior employees’ compensation for calendar year 2022.

Compensation for the University’s Leaders

The most highly compensated officers are the expected ones among Harvard leaders; additional compensation is notshown where it represents only the value of employee benefits and retirement contributions:

Lawrence S. Bacow, president, $1,333,866 plus other compensation of $423,243 (principally the value of the University-provided official residence, Elmwood, and employer-provided portions of benefits and retirement contributions)

Alan M. Garber, provost (and interim president as of January 2, 2024, not reported in these figures), $884,365, plus other compensation of $238,402 (again principally reflecting the value of a University-provided residence)

George Q. Daley, dean, Harvard Medical School, $931,184

Brian Lee, vice president, alumni affairs and development, $866,200

Srikant M. Datar, dean, Harvard Business School, $837,798, plus other compensation of $188,847 (University-provided housing, principally)

Diane Lopez, vice president and general counsel (now retired), $730,917

Claudine Gay, then-dean, Faculty of Arts and Sciences (and now former president), $679.638, plus other compensation of $271,735 (again, Harvard-provided housing)

Thomas J. Hollister, vice president for finance and chief financial officer (now retired), $630,779

Among other notable figures whose compensation is reported were Katie Lapp, who retired as executive vice president, receiving reported compensation including retirement benefits of $2,347,789; Harvard Business School faculty members who participated in the voluntary retirement plan in return for a lump-sum payment (Rohit Deshpande, $2,167,890; Walter C. Kester, $2,053,063); and other officers (Meredith Weenick, executive vice president as of August 6, 2022, $625,257; Klara Jelinkova, vice president and chief information officer, $553,994; Paul Andrew, vice president for public affairs and communications, $542,989; Marc L. Goodheart, vice president and secretary of the University, $498,604; and Manuel Cuevas-Trisan, vice president for human resources, $497,196).

For the third year in a row, McKay professor of the practice of computer science David J. Malan appears on the highly compensated list, with reported compensation of $1,330,171. He is the creator and leader of the phenomenally popular Computer Science 50: “Introduction to Computer Science.” It is among the largest courses at Harvard; has been cloned at Yale; and commands huge online enrollments.

The Endowment Managers

HMC—the University subsidiary which invests endowment and other financial assets—reported calendar-year 2022 compensation. That period includes the second half of fiscal year 2022 (during which HMC reported a net investment return on endowment assets of negative 1.8 percent) and the first half of fiscal 2023 (during which the reported net investment return was a positive 2.9 percent). The compensation reported on the HMC tax filing, shown below, in some cases reflects a total higher than compensation awarded for calendar 2022, because it includes payment of previously deferred compensation earned in prior years. (The latter effect is indicated below where reported by HMC today; the same also applies to some members of the investment team who received payments of previously deferred compensation in calendar 2022, but for whom the differences over time were not disclosed in detail.)

N. P. Narvekar, chief executive officer, $9,602,531, including deferred compensation. Salary and incentive-based compensation awarded for calendar 2022 was $6.19 million.

Richard Slocum, chief investment officer, $7,682,394, including deferred compensation. Salary and incentive-based compensation awarded for calendar 2022 was $4.95 million.

Sanjeev Daga, chief operating officer and treasurer, reported compensation $3,915,776. Salary and incentive-based compensation awarded for calendar 2022 was $4.95 million; the difference reflects compensation deferred during the reporting period.

And among the investment team members:

Charlie Saravia, generalist team, $6,614,167

Adam Goldstein, generalist team, $5,936,995

Elise McDonald, generalist team, $5,158,359

John Shue, generalist team, $5,078,775

Last year’s report on compensation, based on the Form 990 filings for fiscal year 2022, is available here.

Read more articles by: John S. Rosenberg
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