Steward paid CEO $3.8M salary in the year before bankruptcy filing

Steward Health Care CEO Ralph de la Torre, MD, made a gross salary of $3,766,461 from May 8, 2023, to April 11, 2024, according to July 12 bankruptcy court documents obtained by Becker's

Dallas-based Steward, which filed for Chapter 11 bankruptcy May 6, revealed the compensation of some of the private, for-profit health system's top executives between mid-to-late 2023 and 2024 in the documents.

Of note, Dr. de la Torre received two "vendor reimbursement" payments totaling $600,000. The details behind the reimbursements were not revealed in the documents. His total compensation for the 12-month period was more than $5.2 million.

Prior to the health system filing for bankruptcy, Dr. de la Torre saw a gross salary of $4,175,863, The Boston Globe reported July 10. 

Fourteen Steward executives received at least $1 million in overall compensation, including multiple bonus payments, in the 12-month period before the health system filed for bankruptcy.

Brian Dunn, president of Steward's West Region, made a gross salary of $163,461 but received a $3.5 million bonus. Michael Callum, MD, director and executive vice president of physician services, made a gross salary of $1,437,461, the documents revealed.

While other for-profit health system CEOs saw an increase in salary over the last year, Dr. de la Torre saw a decrease.

Nashville, Tenn.-based HCA Healthcare CEO Sam Hazen saw a compensation rise to $21.3 million in 2023. Dallas-based Tenet Healthcare CEO Saum Sutaria, MD, made $18.5 million. King of Prussia, Pa.-based Universal Health Services President and CEO Marc Miller made $14.4 million, and Franklin, Tenn.-based Community Health Systems CEO Tim Hingtgen came in at $8.3 million for 2023. 

The reveal of Steward executive pay comes as the health system is looking to auction off its 31 hospitals and physician group, Stewardship Health.

Most recently, the health system pushed back the sale dates for its Arizona hospitals, with a new bid deadline of July 29 and an auction deadline of Aug. 2. It also moved to push the bid deadline of Stewardship Health to July 22 and an auction deadline of July 25, according to July 15 court documents filed by Steward and obtained by Becker's

Steward did not have a comment to provide Becker's with at this time. 

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Articles We Think You'll Like

 

Featured Whitepapers

Featured Webinars