Cerner outlined the compensation package its board is giving to incoming President and CEO David Feinberg, MD, which adds up to $34.5 million during his first 15 months in the role, according to an Aug. 19 SEC filing.
Six details:
1. Cerner recently announced Dr. Feinberg will become its president and CEO, effective Oct. 1. He joins the Kansas City, Mo.-based EHR company from Google Health, where he has led the division since 2019.
2. Dr. Feinberg will receive a $900,000 base salary and a target cash bonus of $1.35 million, according to the filing. He will also get a one-time cash bonus of $375,000 stock.
3. He will be awarded $13.5 million in Cerner's restricted shares for 2022 and $3.375 million in stock shares for the fourth quarter of 2021.
4. Dr. Feinberg will also receive a new hire award of $15 million in restricted stock shares to offset his equity loss with Google.
5. His severance terms also include two years' salary, a bonus, health insurance and equity vesting.
6. Outgoing Cerner CEO Brent Shafer will also get his existing salary, bonus and $2.5 million restricted shares for helping out during the one-year transition period.
Click here to view the full SEC filing.