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October 30, 2021

Executive Compensation at the Metropolitan Museum of Art (2020)

by Anne Paddock

 

The Metropolitan Museum of Art (MMA) is the largest art museum in the US with two sites in New York City (the Met Fifith Avenue and the Met Cloisters).  Established in 1870, MMA is a tax-exempt, non-profit 501 (c) (3) based in New York City with 47 trustees (45 of whom are independent), although 48 are listed on the Form 990 (2018 for the year ending June 30, 2020) due to timing differences.  32 of the 48 (67%) listed are male while 16 (33%) are female.

For the year ending June 30, 2020, MMA reported the following information:

Total revenue was $415 million (compared to $515 million in 2019 and $573 million in 2018) with most revenue primarily coming from contributions, gifts, and grants, net gain on the sale of assets, and investment income.

Expenses totaled $421 million (including $55 million in depreciation) with the largest expense being $224 million in compensation for the 2,458 employees, who received an average compensation of $91,000.

330 employees received more than $100,000 with the 20 most highly compensated employees reported to be:

  • $1,714,772:  Lauren A Meserve, EVP, CIO
  • $1,369.394:  Daniel H  Weiss, President/CEO, Ex-Off, Trustee
  • $1,249,237:  Max Hollein, Director/Ex-Off, Trustee from 8/18
  • $  583,032:  Clyde B Jones III, SVP Institutional Advancement
  • $  545,257:  Rich Pedott, VP & General Manager Retail (to 10/19)
  • $  545,055:  Justin V Reed, Investment Officer (to 8/20)
  • $  529,179:  Sharon H Cott, SVP, Secretary and General Counsel
  • $  500,793:  Jameson Kelleher, VP, CFO & Treasurer
  • $  460,195:  Laurel Britton, SVP, Revenue and Ops
  • $  445,724:  Tom A Javits, VP Construction & Facilities
  • $  439,204:  Allison Rutledge-Parisi, VP and Chief HR Officer
  • $  428,263:  Quincy Houghton, Deputy Director of Exhibitions
  • $  404,177:  Kenneth N Weine, VP External Affairs
  • $  376,541:  Andrea Bayer, Deputy Director of Collections
  • $  369,246:  Keith R Christiansen, Chairman, European Paintings
  • $  366,534:  Stephen A Manziz, Chief Development Officer Individuals
  • $  365,209:  Michael B Gallagher, Chairman, Paintings Conservations
  • $  332,354:  Keith Prewitt, Chief Security Officer
  • $  269,730:  Jeffrey S Spar, VP, Tech, CTO (to 12/18)
  • $  268,890:  Inka Drogemuller, Deputy Director, Digital/Edu/Libarary

The 20 most highly compensated employees received $11.5 million.  14 of the 20 (70%) are male while 6 of the 20 (30%) are female (note:  The Form 990 does not disclose gender identity. Conclusions were made based on names and google searches).

MMA paid for first class travel (and business class) or charter travel.  Specifically, the President and CE, Daniel H Weiss flew first class when the airline did not offer business class.

MMA paid for housing allowances. Specifically, MMA provided a housing allowance to Daniel H Weiss and Max Hollein.

Jeffrey Spar received a severance of $189,881.

Daniel Weiss and Max Hollein participated in or received payments from a non-qualified Supplemental Executive Retirement Plan (SERP) in the amounts of $107,000 and $50,000, respectively.

66 independent contractors received more than $100,000 in compensation with the 5 highest reported to be:

  • $32.1 million:  SKANSKA USA Builidng, of Parsippany, NJ for construction management
  • $ 4.2 million:  Masterpiece International, of NY, NY for customs brokerage
  • $ 3.7 million:  H L Electric, of Long Island City, NY for construction manager
  • $ 3.0 million:  Shawmut Design and Construction, of Boston, MA for construction manager
  • $ 2.8 million:  Island Accoustics, of Bohemia, NY for construction manager

To read the IRS Form 990 (2019 for the year ending June 30, 2020), click here.

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