The board of Jackson Health System in Miami has voted to recommend the renewal of a two-year contract for president and CEO Carlos Migoya, according to a Miami Herald report.
Jackson was close to financial collapse when Mr. Migoya began work at the helm in May 2011. The system had lost $419 million over three years. But after Mr. Migoya's first full year, Jackson turned out an $8.2 million surplus in the fiscal year that ended Sept. 30, according to the report.
Mr. Migoya's contract renewal must be approved by Miami-Dade county commissioners. He will not receive a raise in his $590,000 annual base salary, but he will receive an increase in benefits, which will amount to $142,500 plus possible bonuses of $295,000.
Mr. Migoya donated his $160,000 bonus for 2012 to the Jackson Memorial Foundation. The funds will be set aside for the renovation of labor and delivery rooms at Jackson Women's Hospital.
The donation was the result of a one-year-old promise Mr. Migoya made: If Jackson saved money through its layoff plan that eliminated the jobs of more than 1,000 employees, he would donate his entire bonus.
The county commissioners are scheduled to meet May 7.
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Jackson was close to financial collapse when Mr. Migoya began work at the helm in May 2011. The system had lost $419 million over three years. But after Mr. Migoya's first full year, Jackson turned out an $8.2 million surplus in the fiscal year that ended Sept. 30, according to the report.
Mr. Migoya's contract renewal must be approved by Miami-Dade county commissioners. He will not receive a raise in his $590,000 annual base salary, but he will receive an increase in benefits, which will amount to $142,500 plus possible bonuses of $295,000.
Mr. Migoya donated his $160,000 bonus for 2012 to the Jackson Memorial Foundation. The funds will be set aside for the renovation of labor and delivery rooms at Jackson Women's Hospital.
The donation was the result of a one-year-old promise Mr. Migoya made: If Jackson saved money through its layoff plan that eliminated the jobs of more than 1,000 employees, he would donate his entire bonus.
The county commissioners are scheduled to meet May 7.
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