Drew Gilpin Faust: Harvard president’s 2012 earnings surpassed $1 million

Harvard University investment managers had another good year in 2012, while Harvard president Drew Gilpin Faust topped the $1 million mark in total compensation for the first time, the university disclosed Friday.

Harvard Management chief Jane Mendillo received $4.8 million that year, down from $5.3 million in 2011, while five of her managers received $4 million or more as the stock market continued its upward march, helping to boost the value of the endowment they manage....

Faust, who became president in 2007, earned just over $1 million in total compensation in 2012, including nearly $138,000 in nontaxable benefits for the value of her housing in Cambridge and other perks. That is up from $899,734 in calendar year 2011, a 16 percent rise. Separately, the Civil War historian also received another $250,000 in cash and stock for her service on the board of Staples Inc., the Framingham office supply chain.

Faust, 66, joins a growing group of private college presidents to surpass the $1 million mark as university leaders are increasingly paid like executives running large companies. Overall, at least 42 college leaders earned $1 million a year in 2011, according to a survey by the Chronicle of Higher Education, a development that colleges defend but has troubled watchdog groups worried about the rising cost of education.