Mike Duggan, CEO of Detroit Medical Center has extended his contract with Vanguard Health Systems, and will receive a new base pay rate of $974,500, according to Detroit Free Press report.
The contract also includes stock options through 2019. Mr. Duggan had originally planned to stay on as CEO for a year after Vanguard's purchase of DMC last December. However, Vanguard requested he extend his contract to lead the hospital's Pioneer ACO program, which was announced earlier this week.
After terms of his contract were released, Mr. Duggan and his wife announced plans to create a foundation that will use the stock options he is expected to receive from DMC to provide college scholarship for children of DMC employees, according to a Detroit News report.
Detroit Medical Center CEO Positive About Future Despite Vanguard Losses
The contract also includes stock options through 2019. Mr. Duggan had originally planned to stay on as CEO for a year after Vanguard's purchase of DMC last December. However, Vanguard requested he extend his contract to lead the hospital's Pioneer ACO program, which was announced earlier this week.
After terms of his contract were released, Mr. Duggan and his wife announced plans to create a foundation that will use the stock options he is expected to receive from DMC to provide college scholarship for children of DMC employees, according to a Detroit News report.
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