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March 06, 2007

Update: Defending a Museum Chief's Pay

Two board members at the Museum of Modern Art dispute the allegations made about the institution’s failure to disclose the full amount paid to its chief executive, Glenn Lowry, in a letter to the editor published in The New York Times.

The letter came in response to an article the newspaper published on February 16 saying that Mr. Lowry’s income was considerably higher than the Museum of Modern Art had reported to government agencies for several years.

Mr. Lowry had been paid from 1995 to 2003 by a trust established by two trustees called the New York Fine Arts Support Trust. The trust purchased a $3.4-million apartment from Mr. Lowry, for which he received a $1.3-million profit when he sold it.

These payments were not reported until last year.

In their letter, Robert Menschel and Marie-Josée Kravis, who are, respectively, chairman and president of the Board of Trustees, write, “All actions taken by the museum and the trust were legal, ethical and disclosed. All payments and compensation were reported on tax forms filed by the trust, the museum and Mr. Lowry, who paid personal income tax on compensation he received.”

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