Wayne Smith, chairman and CEO of Franklin, Tenn.-based Community Health Systems, made more than $8.8 million in total compensation last year, according to a filing with the Securities and Exchange Commission.
This marks the second straight year that he and other top CHS executives posted lower pay. In 2012, Mr. Smith earned $17.3 million, and in 2011, he made $21.6 million, which garnered a lot of attention throughout the industry.
Mr. Smith's base salary remained steady at $1.4 million, while his restricted stock awards actually increased to $5.2 million. His incentive pay topped $2 million, as reported in March, despite the fact CHS reached half of its target goals for profitability in 2013. Similar to 2012, Mr. Smith was compensated more than $92,000 to use the company plane. However, in 2013, he accrued no deferred retirement earnings.
Larry Cash, president of financial services and CFO, similarly saw his compensation decrease in 2013. His pay totaled just less than $4.1 million, compared with $7.5 million in 2012 and $8.7 million in 2011. His pay included a $750,000 salary, $2.1 million in restricted stock awards and $735,000 in bonuses.
The other three highest-paid CHS executives were President of Division VI Operations Bill Hussey ($2.6 million), President of Division V Operations Thomas Miller ($2.4 million) President and COO David Miller ($2.3 million).
CHS' compensation figures are comparable to those at competitor Hospital Corporation of America, based in Nashville, Tenn.
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