Washington, DC (PRWEB) April 20, 2012
With more than $ 9.3 million in non-equity incentive pay, Cigna Corp. CEO David Cordani had the highest total compensation package of any publicly traded health insurer CEO in 2011, according to Health Plan Weeks (HPW) annual analysis of proxy statements filed in March and April with the Securities and Exchange Commission.
According to Cignas proxy statement, Cordani raked in just over $ 19 million, a 25.4% increase from his 2010 compensation. That year, he ranked No. 2 in total compensation among publicly traded health plan operators. While his 2011 salary remained unchanged at $ 1 million, Cordani earned $ 5.8 million in stock awards, $ 2.6 million in option awards and $ 9.3 million in non-equity incentive compensation.
Cigna based 91% of Cordanis 2011 target pay on performance, Cigna spokesperson Gloria Barone Rosanio tells HPW, adding that the compensation was within the competitive range of other large health insurers. The structure of Cordanis pay package demonstrates how health plan executives are receiving a growing percentage of their compensation through incentive-based pay, a change that is leaving insurers open to criticism as premiums go up for members.
Go to http://aishealth.com/archive/nhpw041612-01 to read this article in its entirety, which also includes a table detailing the total compensation for 11 health plan CEOs in 2011. The table shows that most other health plan CEOs also saw their compensation rise in 2011.
Health Plan Week is the nations #1 source of timely, objective business, financial and regulatory news of the health insurance industry. Published since 1991, the 8-page weekly features valuable insights and strategies for health plan managers and others who must monitor the activities and performance of health insurers. Coverage includes new benefit designs and underwriting practices, new products and marketing strategies, mergers and alliances, financial performance and results, Medicare and Medicaid opportunities, disease management, and the flood of reform-driven regulatory initiatives including medical loss ratios, exchanges, ACOs and myriad benefit design changes that are mandated.
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