IASIS CEO Carl Whitmer's Compensation Tops $1.9M in Down Year
Carl Whitmer, president and CEO of Franklin, Tenn.-based IASIS Healthcare, recorded $1.93 million in total compensation in the fiscal year that ended Sept. 30, 2012, according to the company's year-end documents filed with the U.S. Securities and Exchange Commission.
Last year, Mr. Whitmer made more than $5.58 million, and $3.7 million of that total came in the form of stock option awards. This year, Mr. Whitmer's stock option awards totaled a little more than $636,000. However, his base salary actually increased from $741,667 to $787,500, and he earned $500,000 in short-term incentives for meeting profitability goals.
IASIS had a rocky FY 2012, as net income dropped 27 percent. Total revenue and adjusted EBITDA also fell slightly. IASIS' compensation committee decided to boost Mr. Whitmer's and other executives' base salaries and award short-term bonuses because the executive team's "continued focus on expense management and efficient operations greatly mitigated the effect" of challenging reimbursement pressures on the for-profit hospital operator's revenue, according to the filing.
IASIS CFO John Doyle earned $659,969 in total compensation last year, down from $1.97 million last year. His base salary rose to $412,000, and he recorded $130,000 in short-term bonuses.
Phillip Mazzuca, IASIS COO, made $853,265 in FY 2012 compared with $4.52 million last year. Mr. Mazzuca's base salary similarly increased, while his stock option awards also declined heavily this year.
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