CHS’ compensation committee approved the incentive compensation payments based on fiscal year 2012 targets and results. The incentives doled out to CHS’ top brass include the following:
• Wayne Smith, chairman, president and CEO: $4.2 million (met 100 percent of his incentive target)
• Larry Cash, CFO: $1.5 million (met 100 percent of his incentive target)
• Thomas Miller, president of Division V operations: $826,200 (met 90 percent of his incentive target)
• David Miller, president of Division I operations: $810,900 (met 88 percent of his incentive target)
• Michael Portacci, president of Division II operations: $785,424 (met 93 percent of his incentive target)
• William Hussey, president of Division IV operations: $709,920 (met 77 percent of his incentive target)
CHS also issued the base salaries for fiscal year 2013. Mr. Smith will earn $1.4 million, while Mr. Cash’s base salary will total $750,000. Their base salaries have remained the same since 2011, according to the filing.
In FY 2012, CHS’ profit jumped 31.5 percent to $265.6 million and set a record in net operating revenue at more than $13 billion. CHS’ adjusted EBITDA was $1.98 billion.
More Articles on Community Health Systems:
CHS Adjusts 2012 Incentive Plans for Wayne Smith, Larry Cash
New-Era Executive Compensation: The Impacts of Dodd-Frank’s “Say-on-Pay” for Hospitals
CHS CEO Wayne Smith’s 2011 Pay Totaled $21.6M Based on 2010 Results
