Goldman Sachs Chairman and Chief Executive Officer Lloyd C. Blankfein ’75 praised Faust for leading Harvard through “a decade of growth and transformation” during her presidency in an emailed statement Thursday.
“Her perspective and experience running one of the most complex and preeminent institutions in the world will benefit our board, our firm and our shareholders,” Blankfein wrote.
Faust will become a member of the firm’s governance, public responsibilities, and risk committees.
Her new position likely comes with significant financial perks. Goldman Sachs spokeswoman Ida Hoghooghi wrote in an emailed statement Thursday that Faust will receive an annual grant of restricted stock units valued at $500,000, though the shares underlying the units are not given to directors until after retirement from the board. Directors also earn an annual retainer of $75,000, which they can choose to receive either in cash or in stock units, according to Hoghooghi.
“I mean, is that really what you’re going to focus on?” Blankfein asked in a phone call Thursday, referring to Faust’s salary.
He then mentioned he thinks it is more important to consider why Faust chose to join the firm. He said Harvard and Goldman Sachs have long had a symbiotic relationship in which “a lot” of students from the school “spend years” at the firm after graduating.