Mr. Smith’s total 2011 compensation, which was based on results from CHS’ 2010 fiscal year performance, is one of the highest figures of any hospital CEO in the United States. His base salary was $1.4 million, up slightly from previous years.
Last year, Mr. Smith earned roughly $7.59 million in restricted stock awards, $3.95 million in incentives and bonuses and more than $8 million toward the value of his supplemental executive retirement plan. He also received $68,807 in compensation for personal use of CHS’ corporate airplanes.
CHS CFO Larry Cash recorded total compensation of $8.73 million in 2011. His base salary increased slightly to $750,000, while his stock awards jumped to more than $3.04 million. He also made $1.4 million in bonuses and received $3.2 million more for his SERP.
According to the proxy statement, CHS’ compensation committee reviewed the FY 2011 performance of CHS, which saw negative stock price performance and slower growth, and has adjusted the 2012 compensation of CHS executives accordingly.
CHS’ compensation committee withheld a significant portion of the non-financial component of the 2011 cash incentive compensation awards for Mr. Smith and Mr. Cash, gave no base salary increases for named executives and substantially reduced stock awards, including a 50 percent reduction in performance-based restricted stock awards.
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