That figure includes salary, incentives, nontaxable benefits and deferred compensation. Mr. Armato’s salary alone was $934,520, a 33.7 percent increase from last year, and his incentives equaled $686,576. Mr. Armato’s deferred compensation, which accounts for future retirement benefits that will vest at a later date, topped $1.1 million.
Mr. Armato took over the chief executive role of the 14-hospital system in 2011 after Paul Wiles announced his retirement.
Novant CFO Fred Hargett was the system’s second-highest-paid executive, earning $1.7 million in 2012. That total included a $555,674 salary, $458,350 in bonuses and incentives and more than $600,000 in deferred compensation.
Novant Health is one of the few hospitals and health systems to publish full executive compensation data on its website. To view full compensation figures for Novant’s top executives in 2012, click here.
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