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Endowment CEO tops Harvard compensation at $9.3 million in 2017

The Baker Library of the Harvard Business School in Cambridge, Massachusetts.

Harvard University paid its top six endowment officials $40.5 million total in 2017, according to a news release Friday.

Nirmal P. "Narv" Narvekar, president and CEO of Harvard Management Co., which oversees the Cambridge, Mass.-based university's $39.2 billion endowment, was at the top of the list of executives, taking home nearly $9.3 million in 2017.

Mr. Narvekar's 2017 compensation included $2.75 million Harvard agreed to pay to reimburse him for pay forfeited when he left his job overseeing Columbia University's investment office in 2016.

By comparison, Stephen Blyth, HMC's previous CEO, received $14.9 million in total compensation in 2015.

Meanwhile, Daniel Cummings, HMC's managing director, head of real estate, made $10.1 million during the year.

Michele Toscani, managing director, fixed income, made $5.5 million in 2017. Robert Ettl, chief operating officer, earned $5.3 million in 2017.

Adam Goldstein and Carlos Saravia, managing directors on the general team, made $5.2 million each.

Harvard University's endowment returned 10% for the fiscal year ended June 30.

"The turnaround of HMC is a multiyear undertaking and the board of directors was impressed by the progress Narv made in his first year to position the endowment for future success," Harvard University treasurer Paul Finnegan said in the release.

Bloomberg contributed to this story.