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The 25 Highest Paid Executives of Health Insurers
in Year 2000, Exclusive of Unexercised Stock Options
see also chart on 2003 pay of 27 CEOs of NonProfit Hospitals CLICK HERE
See also 2006 data on UnitedHealth's 's 2005 giveaway to and 2003 data on pay and options at at several HMOs
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| NAME |
|
TITLE |
|
COMPANY |
|
COMPENSATION |
|
| William McGuire |
|
CEO |
|
United Health Group Corp |
$ 54,129,501.00 |
|
| Wilson Thylor |
|
Rtd Chair. |
|
CIGNA Corporation |
|
24,741,578 |
|
| Ronald Williams |
|
Exec VP |
|
Well Pnt Hith Network Inc |
13,205,631 |
|
| William Donaldson |
|
Chair |
|
Aetna Inc |
|
12,650,393 |
|
| Leonard Schaeffer |
|
Chair & CEO |
|
Well Pnt HIth Networks
Inc |
11,127,465 |
|
|
| Edward Hanway |
|
Chair & CEO |
|
CIGNA Corporation |
|
9,478,634 |
|
| D Mark Weinburg |
|
Exec. VP |
|
Well Pnt Hlth Networks
Inc. |
8,957,410 |
|
| Richard Huber |
|
Fmr Chair, CEO&Pres |
|
Aetna Inc |
|
6,988,987 |
|
| William Pastore |
|
Pres CIGNA Health |
|
CIGNA Corporation |
|
6,779,028 |
|
| Thomas Jones |
|
Pres Retire. & Invest |
|
CIGNA Corporation |
|
6,055,314 |
|
| R C. Wheeler |
|
CEO Uniprise |
|
United Health Group Corp |
5,341,555 |
|
| Jeannine Rivet |
|
Exec.VP&CEOlngenix |
|
United Health Group Corp |
5,151,379 |
|
| James Stewart |
|
Exec VP & CFO |
|
CIGNA Corporation |
|
5,023,125 |
|
| John Rowe |
|
Pres & CEO |
|
Aetna Inc |
|
4,028,919 |
|
| Kurt Thompson |
|
Exec VP & CFO |
|
Oxford Health Plans Inc |
|
3,504,114 |
|
| Alan Weber |
|
VC Strat &Fin
&CFO |
|
Aetna Inc. |
|
3,499,162 |
|
| Stephen Hemsley |
|
Pres & COO |
|
United Health Group Corp. |
2,862,665 |
|
| Michael McCallister |
|
Pres & CEO |
|
Humana Inc. |
|
2,727,004 |
|
| David Lubben |
|
Sec & Gen. Counsel |
|
United Health Group Corp |
2,701,824 |
|
| Alan R Hoops |
|
Pres.&CEO 01-07/00 |
|
PacifiCare Health
Sys,Inc. |
2,264,612 |
|
| Allen Wise |
|
Pres & CEO |
|
Coventry Health Inc |
|
2,232,127 |
|
| Jon Richardson |
|
Exec VP & Cen Coun . |
|
Oxford Health Plans, Inc |
2,054,710 |
|
| Kenneth Fasola |
|
COO - Market Oper. |
|
Humana Inc. |
|
1,909,628 |
|
| David Jones |
|
Chair & Int CEO |
|
Humana Inc. |
|
1,871,283 |
|
| James Murray |
|
COO - Service Ops |
|
Humana Inc |
|
1,854,401 |
|
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Total Compensation paid
for these 25 Executives: $201,140,449 |
|
| Average
Compensation for these 25 Executives: $ 8,045,618 |
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| (SouRcv US SECURITIES AND EXCHANGE CoMMissioN DATA COLLATED BY THE
ORGANIZATION, |
FAMILIES |
|
|
USA |
|
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33 |
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CEO: ABSURD CEO REWARDS FOR DENYING CARE
Health industry CEO's were richly rewarded in 2006. According to SEC filings, the insurance executives with the highest total compensation included Wellpoint's Larry Glasscock ($23.9 MIL), Cigna's Edward Hanway ($21.0 MIL), Coventry's Dale Wolf ($12.9 MIL), Aetna's Ronald Williams ($19.8 MIL), Unitedhealth Group's William McGuire ($12.0 MIL), and Health Net's Jay Gellert ($5.2 MIL). The highest compensated drug company CEOs included Miles White at Abbot Laboratories ($26.9 MIL) and Richard Clark at Merck ($10.3 MIL) (Executive PayWatch Database, AFL-CIO).
California's Health Net Inc. will pay $9 MIL in punitive damages for canceling the insurance policy of a woman battling breast cancer while she was in the middle of treatment. The firm claimed that the patient weighed more than she reported on her insurance application, and failed to report a heart condition. The firm will also pay a fine of $1 MIL for misleading the state about bonuses tied to policy cancellations or "rescission." The firm avoided payment of $35.5 MIL in medical expenses by revok~ ing around 1,600 policies between 2000 and 2006, offering its senior cancellations analyst more than $20,000 in bonuses based, in part, on her meeting or exceeding annual targets for revoking policies. Health Net made more than $2 BIL in profits in 2007 (LA Times, 11/09/07, ABC News, 2/25/08).
Blue Cross and Blue Shield of Massachusetts' CEO William Van Faase received a whopping $16.4 MIL retirement package when he stepped down as CEO in 2006. Faase stayed on as chairman and received another $3 MIL the same year, includ~ ing $500,000 in base pay and $2.46 million in bonuses (Boston Globe, or/24/08).
Former United Health CEO William McGuire will pay $468 million to avoid trial on charges that he manipulated stock options. McGuire resigned in 2006 with stock options valued at $1.6 BIL. Note that's the legal theft of $1.6 BIL that did not involve the extra-legal stock option manipulations that McGuire also thought of as his privilege. $1.6 BIL could have paid for how many family of four annual health insurance premiums?
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CEO: Worker Pay Ratio Shoots Up to 431 : 1
2004 was a banner year for CEOs and a dismal year for workers, according to
a new report from the Institute for Policy Studies and United for a Fair
Economy, Executive Excess 2005. The ratio of average CEO pay (now $11.8 million) to worker pay (now
$27,460) spiked up from 301-to-1 in 2003 to 431-to-1 in 2004. If the minimum wage had risen as fast as CEO pay since 1990, the lowest
paid workers in the US would be earning $23.03 an hour today, not $5.15 an
hour.
At the 34 publicly traded US corporations among the 2004 top 100 defense
contractors with 10% or more of their revenues from defense contracts
companies such as United Technologies, Textron, and General Dynamics
average CEO pay increased 200% from 2001 to 2004, versus 7% for all CEOs. For example, David H. Brooks, CEO of bulletproof vest maker DHB Industries,
earned $70 million in 2004, 13,349% more than his 2001 compensation of
$525,000. Brooks also sold company stock worth about $186 million last
year.
The report reviewed trends in CEO pay and gave CEO Hall of Shame awards to
executives who have exemplified five types of excessive pay, such as:
Tax dodgers: 46 large companies paid no federal income tax in 2003,
despite collectively earning $30 billion in profits. Some of the savings
wound up in the pockets of their CEOs, who made $12.6 million in average
pay in 2004. Over the last 15 years, the cumulative pay of the ten
highest paid CEOs in each year totaled more than $11.7 billion.
Executive Excess 2005 is the twelfth annual CEO pay study by the Institute
for Policy Studies (IPS) and United for a Fair Economy (UFE). For hard copies of the report or to set up interviews with the co-authors,
call 617-423-2148 x113 or e-mail pressroom@faireconomy.org. Or for more details CLICK HERE
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Additional reports on CEOs and top executives extracting millions and millions from the national health care system (reports from 2005 and early 2006) See here, or here or here .
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