Harvard University, Cambridge, Mass., paid its top six endowment officials $31 million in 2019, according to a news release Friday.
Nirmal P. "Narv" Narvekar, president and CEO of Harvard Management Co., which oversees the university's $41.9 billion endowment, took home more than $6.25 million in 2019.
Although Sanjeev Daga, HMC's chief operating officer, made nearly $5 million in compensation for 2019, he was reimbursed compensation that he forfeited when he left Columbia University's investment office to join HMC in February 2019, which brought what he received for the year to more than $6.26 million.
Richard Slocum, HMC's chief investment officer, made $5 million during the year. Robert Ettl, former COO, earned $4.8 million in 2019.
Adam Goldstein and Carlos Saravia, managing directors on the general team, made $4.4 million each.
Harvard University's endowment returned 7.3% for the fiscal year ended June 30.
"The entire board is encouraged by the quick progress that Narv and his team have made to improve HMC's structure and portfolio," said Paul Finnegan, chairman of HMC's board, in the release. "There is much left for HMC to accomplish, but the progress to date has been very encouraging and bodes well for the long-term success that Harvard relies on from its endowment."
