Health insurer UnitedHealth Group Inc.’s earnings rose 21 percent last year and so did the compensation it gave CEO Stephen J. Hemsley, The Associated Press reports. UnitedHealth has major operations in Hartford.
Hemsley, 58, received compensation totaling $10.8 million, according to AP’s analysis of a regulatory filing made by the Minnetonka, Minn., managed care company. That’s up from $8.9 million in 2009.
Last year, Hemsley received a salary and performance-related bonus amounting to $4.7 million and stock and options valued at $6 million at the time they were granted. The company also gave him $110,079 in other compensation, mostly for matching contributions under an executive savings plan.
The CEO also made $22.5 million selling stock after exercising options to acquire 2.4 million shares, but that total is not included in the AP compensation calculation because it’s a personal finance decision tied to previous grants. A company spokesman said the options were about to expire.
Hemsley did not sell 1.2 million of the shares acquired in the options exercise, so he realized no cash value from those.
