Cape Cod Healthcare defends former CEO's hefty severance package

Hyannis, Mass.-based Cape Cod Healthcare has received criticism over the generous severance package it provided to its former President and CEO Richard F. Salluzzo, MD. However, the system is defending the amount provided to Dr. Salluzo, according to The Enterprise.

Dr. Salluzzo left Cape Cod Healthcare in 2010, and tax records indicate he received more than $2 million in compensation from the system the following two years. 

Cape Code Healthcare Chairman of the Board William Zammer Jr. defended the severance package and told The Enterprise Dr. Salluzzo took a risk when he joined the system as it was facing a number of challenges, including losing money, when he took over as CEO.

"Executives are at risk when they take these positions," said Mr. Zammer. "If they leave, they take something with them. It's not unusual."

Mr. Zammer applauded the changes Dr. Saluzzo was able to make at Cape Cod Healthcare during his time as CEO. "He brought us from red into the black," Mr. Zammer told The Enterprise.   

Michael K. Lauf, the current CEO of Cape Cod Healthcare, is moving past the severance package discussion. "As a healthcare system, we don't want this situation to define us," said Mr. Lauf. "The situation occurred. We are moving on."

More articles on compensation:

Healthcare executive compensation is adapting to new leadership competencies
200 statistics on physician compensation | 2015
The best executive compensation packages: Attractive yet sensible

Copyright © 2022 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars