Forbes is out with its report on the richest people in America’s 50 largest cities. Hartford’s richest person is the head of one of the city’s largest insurance companies but he’s also the poorest person on the list.
The distinction goes to Mark Bertolini, chairman and CEO of Aetna. The divorced father of two has a net worth of $180 million, which Forbes said comes from being self-made, in addition to his work at Aetna. The website said he is the poorest person on the list. Comparatively, Bill Gates tops the list at $77.2 billion.
In 2014, according to Morningstar, Bertolini was paid $15 million in total compensation. That included $996,169 in salary; $5 million in a restricted stock award; $6.9 million in stock options; and, $1.6 million in non-equity compensation. In 2013, his total compensation was $30.7 million, including $27.9 million in restricted stock and stock options.
An Aetna spokesperson highlighted that Bertolini’s base salary has not been adjusted since his appointment as CEO in 2010. “The vast majority of Bertolini’s compensation is at risk – more than 90 percent,” said Walter Cherniak from Aetna. He also pointed out Bertolini introduced a program to raise the minimum base hourly wage for Aetna’s U.S. employees to $16 per hour. The program also enhanced medical benefits for 2016 that will help lower the out-of-pocket healthcare expenses for eligible U.S. employees.
Bertolini assumed the role of Aetna CEO on Nov. 29, 2010 and of chairman on April 8, 2011. He has been with Aetna since 2003. According to his official bio, Bertolini is a spinal-cord injury survivor and is partially disabled as the result of a severe skiing accident in 2004. In 2007, Bertolini donated a kidney to his son.
Forbes said Hartford was the toughest city for identifying the richest person. (Technically, it is the richest person in Greater Hartford because Bertolini lives in West Hartford.) The website thought Bill Stone, the billionaire founder of SS&C had the distinction but he lives in Florida now. It also cited former United Technologies CEO Louis Chenevert and former Aetna CEO Ronald Williams who had both relocated.
Nine other cities also have no billionaires: Cleveland, Ohio; Cincinnati, Ohio; Sacramento, Calif.; Orlando, Fla.; Jacksonville, Fla.; Louisville, Ky.; Milwaukee, Wisc.; Birmingham, Ala.; and Richmond, Va.. This list, Forbes said, is a snapshot of the richest person in every city at the end of the market close on Jan. 8, 2016.
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