Met rewards execs with hefty bonuses despite budget deficit


Met rewards execs with hefty bonuses despite budget deficit
Met rewards execs with hefty bonuses despite budget deficit

The Met began squeezing tourists for $25 entry charges ultimate week in resolution to years of budget deficits, but the museum persisted to fork over hundreds of thousands in salaries and bonuses to its govt fats cats, new records show.

Daniel Weiss was once paid $670,066 in 2016 because the Metropolitan Museum of Artwork’s president and received a housing allowance that brought his total reimbursement bundle to $901,671, in line with the Met’s 2016 tax submitting, the latest to be had.

Suzanne Brenner, the Met’s senior VICE PRESIDENT and chief funding officer, were given a $470,313 bonus, bringing her total reimbursement to $1.3 million, consistent with the data got through The Post.

Chief investment officer Lauren Meserve won a $424,589 bonus and $1.2 million in general compensation.

the rustic’s greatest artwork museum has a $2.9 billion endowment, yet it’s been grappling with a monetary difficulty for several years.

It misplaced $10.1 million in the yr ending June 30, 2017, up from $8.3 million the former yr, consistent with the Met’s annual record.

Attendance hit a record 7 million visitors ultimate year, but only 14 % of sales came from admission fees, which have been “urged” instead of mandatory. The museum additionally gets taxpayer make stronger from the town.

On Thursday, it all started requiring visitors from outdoor of new York, New Jersey or Connecticut to pay the full $25 value, that’s expected to bring in an additional $6 million a year. The move induced popular Chinese Language artist Ai Weiwei to promise he may never enter the institution again.

Guests on the table to buy a price tag to the Metropolitan Museum.Helayne Seidman

The financial woes ended in 34 layoffs and greater than 50 employee buyouts in 2016, together with different price-reducing measures including postponing a massive display on Versailles.

In February 2017, CEO Thomas Campbell introduced he was leaving, pressured out by way of the ballooning economic drawback.

Campbell’s general compensation in 2016 got here to $1.4 million, together with the worth of his museum-owned apartment on Fifth Avenue.

The Met allowed him to proceed living in the Fifth Road dwelling house for 6 months prior his June 30, 2017, departure.

A Met spokesman mentioned the condominium could be sold, but wouldn’t touch upon whether Campbell paid to live there after he stepped down.

Campbell and Weiss, who used to be named CEO and president in June 2017, voluntarily took a pay lower in 2016 but no longer till mid-12 months, in keeping with the Met. Each still ended up with higher repayment than the former 12 months, data display.

Five directors who departed the Met in 2016 did so with six-determine severance payments, the tax records display.

see also

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Olena Paslawsky, the museum’s CFO who left in June 2016, got a $492,816 severance fee. Her earnings for 6 months got here to $259,037.

Sree Sreenivasan, the chief digital officer, took home $A HUNDRED AND FIFTY FIVE,000 in severance.

A Met spokesman wouldn’t touch upon the severance bills and whether they have been a part of a buyout program.

The Met additionally sold off $13.3 million value of artwork and antiquities remaining 12 months, a document.

some of the pieces on the public sale block was once a unprecedented pink-hued vase that brought in $2 million. It was once among a few 700 Chinese Language ceramics sold at Christie’s in September 2016.

Beneath state law, the proceeds can’t be used for the museum’s working prices.

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