The 21% cut in the pay of CareSource CEO Erhard Preitau compared to the same period last year was the largest pay cut among insurers, with his total compensation falling to $ 1.8 million in 2020. CareSource did not respond to an interview request. But Preitower wasn’t the only insurer executive whose salary fell in 2020.
Four of the six CEOs of the largest publicly traded health insurance companies in 2020 had a lower total compensation from 2019. Only the CEO of Cigna Corp. Anthem’s David Cordani and Gail Boudreau have increased their compensation from last year.
Cordani received a 3.2% increase from the same period last year to $ 19.9 million in 2020, as well as a $ 189,898 pension change and an increase in deferred compensation, according to AIS data. Boudreau’s compensation rose 10.5% to $ 17.1 million in 2020. Much of the increase in their wages can be attributed to the increase in their company’s share price, which contributes to their overall compensation, AIS said. None of the insurers responded to an interview request.
While Centene CEO Michael Neudorf received the highest salary of any insurer in 2020, his compensation still fell 5.6% to $ 24.9 million at the end of the year. AIS believes the fall of Neudorf is due to the fall in its share price, which fell from $ 16.9 million in 2019 to $ 14.9 million in 2020.
The researchers analyzed data from the government insurance departments and the documents of the US Securities and Exchange Commission. The general CEO compensation includes base salary, bonuses, stock bonuses, and more.