Harvard University

Boston, MA: (May-16-07) Lawrence H. Summers, a former Harvard University president, resigned office and received a severance package that could be worth up to $2 million or more, including a $1 million home loan, according to the university's annual Internal Revenue Service filing. The severance agreement includes a year's sabbatical, which would be paid at his presidential salary. Summers's compensation in 2005-2006, his final year as president, was $611,226, including base pay of $580,115. Summers resigned, claiming that he had become ineffective after repeated battles with faculty members over his management style. He had been embroiled in several controversies during his stay at Harvard, the most notable being the January 2005 boiler over his comments that women may not have the same "intrinsic aptitude" for science as men. According to the filing, Summers's loan, made June 6, 2006, requires interest-only payments between 2010 and 2014. After August 2014, it will require payments of both principal and interest. Summers and his wife, Elisa New, a Harvard English professor, bought a 6,541-square foot Colonial in Brookline last year for $2.53 million. [BOSTON: SEVERANCE PACKAGE]

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Published on May-18-07