Word: compensationitis
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Meyer said the lower salary cap did not represent a structural change in HMC’s compensation formula.
Meyer said the compensation issue was heavily discussed at the September and December meetings of the HMC board, which includes Meyer, Summers, University Treasurer D. Ronald Daniel, Vice President for Finance Ann E. Berman and Dwight P. Robinson Jr. Professor of Business Administration Jay O. Light.
The board, which sets policy for HMC, voted to lower the maximum compensation, but neither Meyer nor Summers would specify the level at which the maximum was set.
The multi-million dollar salaries paid to the HMC’s top managers have drawn considerable criticism in recent months, and the University recently moved to lower the cap on the managers’ compensation.
“I wouldn’t say that compensation issues are at the top of their list, but there’s no doubt that if they do spin out and are successful, they will make more money than they did at HMC,” Meyer said...