President Alan M. Garber earned more than $1.6 million in total compensation in 2024-2025, and former President Claudine Gay earned about $1.5 million that year, according to tax filings the University released on Friday. The filings, covering the fiscal year that ended on June 30, 2025, include information on the earnings of University leaders and the accompanying Harvard Management Company (HMC) disclosure of senior employees’ compensation for calendar year 2024.
Notably, Garber and Gay’s overall compensation included the value of University housing and benefits, and the large payouts to members of the Harvard Business School faculty reflect lump sum payments from the school voluntary retirement incentive plan.
The most highly compensated officers listed in the University’s annual 990 filing to the Internal Revenue Service are the expected ones, the top officials among Harvard leaders. Additional compensation is not shown where it represents only the value of employee benefits and retirement contributions:
Garber, who served as interim president beginning on January 2, 2024, and then became president as of August 2, 2024, earned a base salary of $1,391,448 plus other compensation of $251,390: principally the value of the University-provided official residence, Elmwood, and employer-provided portions of benefits and retirement contributions.
Last year, Garber announced that he would take a pay cut of 25 percent starting on July 1, 2025, in light of the University’s loss of federal funding after the Trump administration announced its intention to curtail Harvard’s access to federal research grants and contracts. That cut in compensation will be reflected in next year’s tax filing.
Claudine Gay, who served as president from July 1, 2023, until January 1, 2024—when she began a post-presidential sabbatical before returning to the faculty as professor of government and of African and American studies—earned a base salary of $1,397,749, plus other compensation of $150,802 (again, principally the value of a University-provided official residence).
Srikant M. Datar, dean of Harvard Business School, received $911,062 plus other compensation of $202,965 (University-provided housing, principally).
George Q. Daley, dean of Harvard Medical School, received $1,009,890.
John Manning, provost, received $985,882.
Brian Lee, vice president of alumni affairs and development until April 16, 2025, received $919,239.
Hopi Hoekstra, dean of the Faculty of Arts and Sciences, received $691,601.
Among other notable figures whose compensation is reported were Harvard Business School faculty members who participated in the University’s voluntary retirement plan in return for a lump-sum payment (Robin Ely, $1,904,006; Nancy Koehn, $1,928,263; Kathleen McGinn, $1,884,004) and other University officers (Meredith Weenick, executive vice president, $825,207; former University President Lawrence S. Bacow, $708,928; Ritu Kalra, vice president for finance and chief financial officer, $646,696; Margaret Newell, vice president and deputy to the president, $636,263; and Paul Andrew, vice president for public affairs and communications, $610,446).
For the fifth 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 $1,285,311. He is the creator and leader of the phenomenally popular Computer Science 50 course, “Introduction to Computer Science.” It is among the largest courses at Harvard and has commanded huge online enrollments, although it was no longer offered at Yale as of the fall of 2025.
The Endowment Managers
Harvard Management Company (HMC)—the University subsidiary that invests endowment and other financial assets—also reported calendar year 2024 compensation. That period includes the second half of fiscal year 2024 (during which HMC reported a net investment return of 9.6 percent) and the first half of fiscal year 2025 (during which HMC reported a net investment return of 11.9 percent).
The compensation reported on the HMC tax filing in some cases reflects a total higher than compensation awarded for calendar year 2024 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 year 2024, but for whom the differences over time were not disclosed in detail.)
The top HMC salaries listed in the University’s 990 filing are as follows:
N. P. Narvekar, chief executive officer, $6,383,808, including deferred compensation. Salary and incentive-based compensation awarded for calendar year 2024 was $6.21 million.
Richard Slocum, chief investment officer, $5,125,560, including deferred compensation. Salary and incentive-based compensation awarded for calendar year 2024 was $4.98 million.
Sanjeev Daga, chief operating officer and chief financial officer, reported compensation of $5,120,519. Salary and incentive-based compensation awarded for calendar year 2024 was $4.97 million.
And among the investment team members:
Adam Goldstein, generalist team, $3,496,393;
John Shue, generalist team, $3,076,911;
Marcus Loveland, generalist team, $3,030,167.
Last year’s Harvard Magazine report on compensation, based on the Form 990 filings for fiscal year 2024, is available here.
