Word: meyers
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Even Harvard is not required by the Internal Revenue Service to report the salaries of the management president and five highest-paid employees until next May, when the management company files its tax return for fiscal year 2004. But in an interview yesterday, Jack R. Meyer, the management company president who earned $7.2 million last fiscal year, said the University prefers to announce compensation soon after endowment results are released to avoid “a major disconnect between the numbers and the performance...
Harvard has waged a year-long public relations campaign to defend its endowment managers’ salaries with letters, like those from Daniel and Rapier, and strong statements by Meyer, who first instituted the performance-based compensation policy when he took over as president of the management company...
...Meyer would not say yesterday what the maximum compensation is or whether any managers had encountered the cap in last fiscal year’s salaries...
...Meyer has repeatedly acknowledged that intense scrutiny of manager salaries could force Harvard to move to external management of its endowment...
...Maybe it’s not possible to maintain these world-class portfolio managers in an academic setting,” Meyer said...