Ontario’s top-paid university employee is from U of T, and he’s not a professor.
John Lyon made $557,474.36 in salaries and benefits last year, as managing director of private markets and co-chief investment officer at the U of T Asset Management Corporation.
Lyon has come under fire for his high pay after UTAM-managed investments lost $1.3 billion in 2008, where pension and endowment funds lost a third of their value. Endowments are used to fund scholarships, grants, and bursaries.
“UTAM compensation levels are set in relation to investment industry standards, since that is where our staff are drawn from,” wrote Lyon in an email to The Varsity. “My compensation in 2008 reflected performance results for 2007 and prior years, when UTAM outperformed. My 2009 compensation will reflect the 2008 results.”
Lyon also noted that he received extra compensation last year for his additional role as interim CEO.
Lyon’s earnings are followed by five presidents: McMaster, Waterloo, York, Guelph, and U of T’s David Naylor.
The information was released March 31 as part of the Public Sector Salary Disclosure Act of 1996, under which the salary and tax benefits of all Ontario university employees upwards of $100,000 must be disclosed and published for the public.
Last year, Naylor and then-vice-provost Cheryl Misak encouraged U of T staff to lower their salaries and expenses.
Online analysts have been noting which university administrators are taking voluntary pay cuts. They’ve also noted that admins in Alberta make more than their Ontario counterparts, and that professors in business and medical fields dominate the pay scale.
