Hockfield compensated $1,721,597 in 2012
MIT’s highest-compensated employee was outgoing President Hockfield
MIT’s highest-compensated employee in 2012 was outgoing President Susan J. Hockfield, who received a total compensation of $1,721,597, according to MIT’s most recent tax filings. This is an increase from $1,199,877 in 2011.
Current President L. Rafael Reif, who succeeded Hockfield midway through 2012, received a total compensation package of $703,759, ranking as MIT’s eighth highest compensated employee.
Harvard University President Drew G. Faust received a total compensation of $1,040,637 in 2012.
Of Hockfield’s 2012 compensation, $713,106 was from her base compensation while $884,039 was from other reportable compensation, and the rest was made up of retirement and nontaxable benefits. That year, Reif’s base compensation was $614,665 with other reportable compensation at $56,438, and he also received benefits.
Seth Alexander, president of the MIT Investment Management Company, was once again MIT’s second-highest-compensated employee. Alexander received a total compensation of $1,221,350, which is an increase from his $1,175,941 total compensation in 2011.
Some MIT-affiliated organizations pay comparable amounts to their leaders, those organizations’ tax disclosures show. Professor Eric S. Lander, who is the founding director of the Broad Institute, received a total compensation of $1,027,400. Professor Anant Agarwal, CEO of the online learning initiative edX, received a total compensation of $494,313.
Several faculty from the Sloan School of Management are among the highest-paid employees at MIT. While the base pay of these Sloan professors ranged from $200,000 to $300,000, their “other reportable compensation” was much higher in comparison to professors in other departments, ranging from $300,000 to $500,000.
According to a 2012 Tech article, some of this additional compensation comes from the Sloan Executive Education Program, which offers classes to management executives in major corporations. Sloan faculty are paid by MIT for participating in this program, so the income appears on MIT’s tax return.
On the other hand, David Schmittlein, Dean of the Sloan School of Management, does not participate in the Executive Education Program; he received a base pay of $611,076 and $143,327 in “other reportable compensation.” Schmittlein is the only dean to make MIT’s list of highest compensated employees, which continues a trend from previous years.
Some of MIT’s highest-compensated employees also receive income from being on the executive boards of various companies.
The tax records from the Broad Institute and edX were previously reported on by John A. Hawkinson.