Blue Cross and Blue Shield gave raises to the tip management group in 2009, even as distinction fell at the states largest insurer.
Robert J. Greczyn Jr., who late as CEO on Feb. 1, perceived sum remuneration of $4.08 million, the nonprofit reported in the annual inform to the N.C. Department of Insurance. That was about 2 percent some-more than a year progressing and simply creates Greczyn one of the Triangles highest-paid corporate leaders.
James B. "Brad" Wilson, who took over the tip pursuit last month, warranted $1.82 million in 2009, additionally about a 2 percent raise.
To a little extent, the sum are old news. Wilson will approaching embrace a poignant lift in his new purpose as CEO, a sum that Blue Cross wouldnt have to inform to the word dialect until subsequent year. And Greczyn probably perceived a early early retirement package from the company, but no sum were disclosed in the regulatory filing done open Thursday.
Critics of Blue Cross contend the insurer has as well most marketplace energy and as well most leisure to lift rates. Those critics point to tip executives" salaries as extreme when an augmenting series of consumers cant equates to health coverage.
"Members positively have a right to be disturbed about senior manager losses translating in to higher premiums," pronounced Adam Linker, a process researcher with the N.C. Justice Centers Health Access Coalition. "All of us should be disturbed about how they throw their weight around to retard health caring remodel and change lawmakers."
Greczyns compensate is "certainly outsized," generally compared to the not as big remuneration packages of most nonprofit sanatorium CEOs "who run larger, some-more formidable organizations," Linker said.
Blue Cross says that the senior manager compensate is satisfactory and allied to alternative insurers the size. The Chapel Hill association employs about 4,600 people and has 3.7 million members.
"Less than a third of a cent of the reward dollar goes to senior manager compensation, that equates to that senior manager compensate has a favoured stroke on premiums," pronounced orator Lew Borman. "The companys caring group has kept this commercial operation in a plain on all sides during these formidable mercantile times."
Blue Cross" house hasnt set Wilsons remuneration as CEO, Borman said. Wilson pronounced during a Jan talk that he approaching to be paid less than Greczyn, who ran Blue Cross for some-more than a decade.
Borman declined to criticism on how most Greczyn perceived in retirement. "We divulge whats compulsory by the DOI. We are not a open company," Borman added.
This week, Blue Cross reported that net income fell last year to $107.3 million, down about 42 percent from a year earlier. Its distinction domain was 2.1 percent for 2009, down from 3.6 percent a year earlier.
Revenue was radically prosaic at $5.2 billion.
The bulk of Blue Cross premiums is outlayed on healing care. That figure was 87 cents per reward dollar in 2009, up from 85 cents in 2008. The association blames rising costs for healing tests and alternative services, and higher direct due to anniversary influenza and H1N1.
Of Blue Cross" tip 10 executives, multiform took compensate cuts for 2009, together with Chief Medical Officer Don Bradley, Vice President John Friesen and Vice President Bradley Adcock.
Two management group who late last year, Chief Financial Officer Daniel Glaser and Chief Information Officer John Sternbergh, additionally done less in 2009.
Borman pronounced the compensate is formed on "measurable goals" such as membership growth, use to business and monetary stability.
alan.wolf or 919-829-4572
0 comments:
Post a Comment