The $4.26 million severance was part of a total $11 million package the company paid its former leader. In addition, Blue Cross directors received up to $80,000 a year in compensation. However, a report by Attorney General Martha Coakley showed the directors were concerned about “financial losses, lack of focus on operational issues, decline in member satisfaction scores, staff morale and the amount of time spent on new initiatives,” according to the Boston Herald. The directors’ pay has since been suspended.
Mr. Killingsworth’s pay for his five years at the helm of Blue Cross was based on self-evaluations that contained essentially no critical comments, though the company started to lose millions of dollars.
Read the Boston Herald report on Blue Cross Blue Shield of Massachusetts.
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