Last year, Highmark Inc. dished out more than $6 million to compensate its three CEOs.
In compensation figures filed with the state Department of Insurance this month, the state’s largest insurance company said it paid former CEO Kenneth Melani $3.3 million in 2012, even though he was fired April 1. He was the highest-paid company employee for the year.
In fact, three of Highmark’s 10 highest-paid employees in 2012 are no longer with the company, having left early in the year. In addition to Dr. Melani, former Highmark legal officer and corporate secretary Maureen Hogel and retired auditor and compliance officer Elizabeth A. Farbacher also had left Highmark by April.
Current Highmark CEO William Winkenwerder Jr., who was hired over the spring and began work July 16, took home $1.87 million in total compensation — $562,712 for his half-year of salary, plus a $1.18 million bonus and $131,000 in “other” compensation.
Read more: http://www.post-gazette.com/stories/business/news/highmark-ceo-compensation-tops-6m-679520/#ixzz2NiolPvSN
Suddenly I don’t feel so bad that they are paying out $52,000 for each of my husband’s chemo treatments…
I hear that! For a “nonprofit” there is certainly a lot of “profit” floating around it seems.
I’m not sure you can use the words “Highmark” and “non-profit” in the same sentence. They are our Blue Shield carrier – and they are ALL about profit!