Keep in mind this a non-profit organization, there''s been many recent stories where B&C was wasting ratrepayers money. They wanted to invest in nursing school in Scranton, Country club memberships, Scholarships (wonder who they were related too), and recently the announcement they are interested in buying WVHCS which has the largest hospital in the Wyoming Valley and many other services..
Anyhow this was in the paper today apprently this doesn't concern Blue Cross of northeastern Penssylvania but it makes me wonde what the top execs are getting here:
http://www.philly.com/philly/wires/ap/n ... erger.html
Highmark chief executive Kenneth Melani, who is expected to have the same job at the merged company, would see his salary rise 31 percent, from $2.97 million to $3.9 million, including incentives, according to documents filed with the Pennsylvania Insurance Department.
The next two biggest raises would go to chief financial officer Nanette DeTurk and David M. O'Brien, executive vice president for government services, both from Pittsburgh-based Highmark.
DeTurk, who is in line to be CFO of the combined entity, could get a $635,098 increase in total pay, which includes potential incentives. O'Brien, head of Medicare operations, would get a $556,184 raise under the plan filed Thursday.
Independence Blue Cross CEO Joseph Frick would earn $2.94 million, the same as his current pay, if the merger goes through. In 2006, Frick's pay was $1.6 million.
Check out the last paragraph, how do you get a 50% pay increase in 2 years?
Understandably health insurance rates have gone up for more reasons that this but where's the limit at which these guys are being overpaid? CEO and executive salries have sky rocketed over the last two decades and frankly its getting a little absurd especially when you see the guy who drove a company into the ground and gets a multi-million doallar severance package.