Last week, the board of directors of Franklin, Tenn.-based Community Health Systems approved several incentive payouts for the hospital company's top executives, including $4.2 million in cash incentives for Chairman, President and CEO Wayne Smith, according to a filing from the U.S. Securities and Exchange Commission.
CHS' compensation committee approved the incentive compensation payments based on fiscal year 2012 targets and results. The incentives doled out to CHS' top brass include the following:
• Wayne Smith, chairman, president and CEO: $4.2 million (met 100 percent of his incentive target)
• Larry Cash, CFO: $1.5 million (met 100 percent of his incentive target)
• Thomas Miller, president of Division V operations: $826,200 (met 90 percent of his incentive target)
• David Miller, president of Division I operations: $810,900 (met 88 percent of his incentive target)
• Michael Portacci, president of Division II operations: $785,424 (met 93 percent of his incentive target)
• William Hussey, president of Division IV operations: $709,920 (met 77 percent of his incentive target)
CHS also issued the base salaries for fiscal year 2013. Mr. Smith will earn $1.4 million, while Mr. Cash's base salary will total $750,000. Their base salaries have remained the same since 2011, according to the filing.
In FY 2012, CHS' profit jumped 31.5 percent to $265.6 million and set a record in net operating revenue at more than $13 billion. CHS' adjusted EBITDA was $1.98 billion.
CHS' compensation committee approved the incentive compensation payments based on fiscal year 2012 targets and results. The incentives doled out to CHS' top brass include the following:
• Wayne Smith, chairman, president and CEO: $4.2 million (met 100 percent of his incentive target)
• Larry Cash, CFO: $1.5 million (met 100 percent of his incentive target)
• Thomas Miller, president of Division V operations: $826,200 (met 90 percent of his incentive target)
• David Miller, president of Division I operations: $810,900 (met 88 percent of his incentive target)
• Michael Portacci, president of Division II operations: $785,424 (met 93 percent of his incentive target)
• William Hussey, president of Division IV operations: $709,920 (met 77 percent of his incentive target)
CHS also issued the base salaries for fiscal year 2013. Mr. Smith will earn $1.4 million, while Mr. Cash's base salary will total $750,000. Their base salaries have remained the same since 2011, according to the filing.
In FY 2012, CHS' profit jumped 31.5 percent to $265.6 million and set a record in net operating revenue at more than $13 billion. CHS' adjusted EBITDA was $1.98 billion.
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CHS Adjusts 2012 Incentive Plans for Wayne Smith, Larry Cash
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CHS CEO Wayne Smith's 2011 Pay Totaled $21.6M Based on 2010 Results