Business

Insurance CEOs are in the money

An occasional snapshot of current facts and trends in medicine.

Quick View. Posted May 3, 2004

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CEOs of the nation's leading publicly traded managed care companies received an average annual salary of $1.1 million in 2003.

Salary Bonus Long-term payout Value realized on stock options Other income Total
John Rowe, MD (Aetna) $1,042,146 $2,200,000 $7,000,000 $7,589,430 $396,077 $18,227,653
Larry C. Glasscock (Anthem) $1,040,000 $2,311,845 $21,243,000 $0 $374,874 $24,969,719
H. Edward Hanway (CIGNA) $1,030,000 $2,100,000 $0 $0 $84,600 $3,214,600
Jay M. Gellert (Health Net) $891,731 $0 $0 $10,068,377 $76,506 $11,036,614
Michael B. McCallister (Humana) $713,923 $1,070,885 $0 $344,063 $3,979,569 $6,108,440
William W. McGuire, MD (UnitedHealth) $1,999,154 $5,550,000 $1,897,000 $84,176,032 $558,345 $94,180,531
Howard G. Phanstiel (PacifiCare) $917,309 $1,690,000 $0 $0 $398,472 $3,005,781
Leonard D. Schaeffer (WellPoint) $1,246,155 $5,690,916 $0 $14,480,737 $347,724 $21,765,532

Annual cash bonuses brought CEO pay average up to $3.5 million. Throw in value realized from stock options, payouts based on long-term incentives, and other income, and the average leaps to $22.6 million.

Note: Does not include stock options awarded in 2003, but not cashed in.

Source: Company Securities and exchange commission filings

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