Biggest California Nonprofit Insurer Paid CEO $4.6-Million Last Year
May 26, 2011 | Read Time: 1 minute
Newly required financial disclosures by California’s biggest nonprofit health insurer show it paid its top executive $4.6-million last year, according to the Los Angeles Times.
Bruce Bodaken, chief executive of Blue Shield of California, earned more than four times as much as his counterpart at the state’s largest commercial health-insurance firm, Anthem Blue Cross.
Blue Shield revealed what it paid its top 10 executives under a new state law aimed at curbing health-care costs. The measure allows regulators to examine insurers’ executive salaries in weighing requests to boost premiums.
The 10 salaries ranged from about $750,000 to Mr. Bodaken’s $4.6-million and totaled more than $14-million. The San Francisco insurer said its executive pay “falls well within health-care industry standards” and is reviewed by an independent consultant.
