Former BCBS of Minnesota CEO failed to disclose $20k consulting payments to board

Recently departed Blue Cross and Blue Shield of Minnesota CEO Michael Guyette didn't make the BCBSM board of directors aware of roughly $20,000 he earned in consulting income during his tenure with the payer, the Star Tribune reports.

According to an investigation by the Star Tribune, an unidentified firm paid Mr. Guyette $5,000 in consulting income in 2014, as recorded in court documents concerning his marriage dissolution. Mr. Guyette earned another $15,500 from the same company in 2015.

BCBSM told the publication it learned about the payments after the Star Tribune approached the insurer with its report. BCBSM said Mr. Guyette's departure from the insurer is not linked to the consulting payments.

Mr. Guyette left BCBSM to helm VSP Global, a vision care and insurance company in Rancho Cordova, Calif.

In a statement to the Star Tribune, BCBSM said, "The board has reviewed this matter. Mike will provide these external consulting fees to Blue Cross and Blue Shield of Minnesota. We will direct these funds to Minnesota charities dedicated to improving the health of Minnesotans."

More articles on payer issues:
Shareholders approve CVS Health's $69B acquisition of Aetna
UnitedHealth, Cigna, Humana, others see stocks fall on report of insurers gaming Medicare
UnitedHealth taps former GlaxoSmithKline CEO to lead Optum: 4 things to know

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Featured Webinars

Featured Whitepapers