No pay raises for top CHS executives in 2017

Community Health Systems Chairman and CEO Wayne T. Smith and the Franklin, Tenn.-based company's President of Financial Services and CFO W. Larry Cash received lean performance bonuses in 2016 and saw no raises in base salary this year.  

Mr. Smith and Mr. Cash each missed their financial and operating targets in 2016, according to a recent Securities and Exchange Commission filing. Mr. Smith attained 13 percent of his performance goal last year, resulting in $640,000 in incentive compensation, while Mr. Cash received $255,000 for reaching 15 percent of his goal.

Both executives received no raise in base salary this year. Since 2015, Mr. Smith's base salary has remained at $1.6 million, while Mr. Cash's has stayed at $850,000. The CEO and CFO both joined CHS in 1997, and Mr. Cash will retire May 16. 

CHS had a rocky 2016 financially. The company ended the year with a net loss of $1.7 billion, compared with net income of $158 million in 2015. To improve its finances and trim its debt load, CHS is selling off 25 hospitals.

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