BCBS CEOs received bigger raises in 2020 than execs at for-profit insurers, report says

CareSource CEO Erhardt Preitauer’s 21% year-over-year drop represented the largest pay decrease among insurers, with his total compensation falling to $1.8 million in 2020. CareSource did not respond to an interview request. But Preitauer was not the only insurer executive to see his pay fall in 2020.

Four of the six CEOs at the largest publicly traded health insurers saw their total compensation decrease in 2020 compared with 2019. Only Cigna Corp. CEO David Cordani and Anthem’s Gail Boudreaux saw their compensation rise year-over-year.

Cordani received a 3.2% year-over-year raise to $19.9 million in 2020, along with a $189,898 change in pension and deferred compensation boost, AIS said. Boudreaux’s compensation rose 10.5% to $17.1 million in 2020. Most of their pay increases can be credited to a rise in their company’s stock price, which contributes to their total compensation, AIS said. Neither insurer responded to an interview request.

While Centene CEO Michael Neidorff earned the top salary among all insurers in 2020, his compensation still fell 5.6% to $24.9 million at the end of the year. AIS credited Neidorff’s drop to a fall in his stock award, which dipped from $16.9 million in 2019 to $14.9 million in 2020.

Researchers analyzed data from state insurance departments and U.S. Securities and Exchange Commission filings. CEOs total compensation includes their base salary, bonuses, stock awards and more.

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