The No. 2 highest-paid executive at Bloomfield-based health insurer Cigna Group, whose last day with the company is on Saturday, will leave with a $10 million exit package.
Cigna announced in March that it would replace Eric P. Palmer — the company’s executive vice president of enterprise strategy and CEO of Evernorth Health Services — with Brian Evanko, who is currently the CEO of Cigna Healthcare, by the end of April, in addition to several other changes in top leadership.
According to an April 15 filing with the U.S. Securities & Exchange Commission, Palmer will receive a $5.2 million cash payment and about $4.8 million in stock options as part of an agreement and release.
The agreement includes confidentiality, non-solicitation, non-competition and non-disparagement provisions.
Also, Cigna will subsidize Palmer’s COBRA payments for 18 months.
Palmer’s total compensation in 2024 was $10.4 million, second only to Chairman and CEO David M. Cordani, who received $23.3 million, according to a regulatory filing.
Palmer has worked for Cigna for 25 years in business, finance, strategy and actuarial roles in the U.S. and overseas.
