Former Harvard president Claudine Gay's base salary was 30 percent less than her predecessor's, records show
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Gay, the
The Internal Revenue Service requires nonprofit entities to submit an annual tax filing called a Form 990, which discloses compensation for the university's highest-paid officers and faculty members. The document represents fiscal year 2024, but compensation reported covers the 2023 calendar year.
Harvard Business School professors Paul Healy and Herman Leonard were the top earners in 2023 at Harvard after Bacow, due to the school's voluntary retirement incentive plan for eligible faculty. Both received about $2 million.
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Computer scientist David Malan also earned slightly more than Gay in 2023; about $1.4 million.
Harvard Management Company, which manages the university's $53.2 billion endowment, also filed its annual tax filing Thursday. The university's portfolio of private equity, hedge funds, real estate, and other investments gained 9.6 percent in the fiscal year that ended June 30, surpassing Harvard's long-term return target of 8 percent.
Nirmal P. Narvekar, president and CEO of the Management Company, took home about $6.2 million. Chief investment officer Richard W. Slocum and treasurer Sanjeev Daga each earned about $5 million.
Alan Garber, Harvard's president, was the university's provost in 2023; he earned $1.2 million that year. On Wednesday, the university said Garber would take a
Garber also took a 25 percent pay cut during the COVID-19 pandemic when the school was facing budget shortfalls. Bacow and other college leaders also agreed to reduced pay at that time.
Hilary Burns can be reached at
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This millennial was rejected from 200 jobs—now he makes millions charging wealthy families six-figures to get their kids into the Ivy Leagues
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And while the $3 billion college consultancy industry may sound like another leg-up the rich have to get their children into schools, Rim says it's about helping students reach their dreams and unlock their potential. After all, on average, only about 5% of pupils who want to go to an Ivy League school actually get in. 'You have one chance. That's it,' the 30-year-old tells Fortune. 'You can't go back to college or apply to these selective universities again.' Unlocking potential is something that hits home in Rim's own story toward success, both in his own journey trying to attend an Ivy League school as well as trying to find his footing as a young graduate. As a public high school student in New Jersey, Rim was told he'd never be cut out for an Ivy League institution. 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