May 22, 2010
More on Executive Pay
On May 16 we blogged about a NJ initiative to cap nonprofit executive pay paid from state sources. Today the Philadelphia Inquirer reports that William Marion, the CEO of Horizon Blue Cross Blue Shield of New Jersey received nearly $9 million in 2009. This pay and bonuses package reflects a 59% increase over the prior year.
Horizon says that the pay package included $3.9 million that had been deferred from previous years and also said that Marino has declined raises and bonuses since 2005. I can't figure out the math, but the nonprofit said that the compensation is set to be in line with "top officials at other firms." The article doesn't say whether nonprofits are used as comparators.
Sen. Lautenberg of New Jersey may introduce federal legislation that would curb compensation for nonprofit Blue Cross Blue Shields across the country.
Meanwhile, premiums continue to go up.
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