Peter Andruszkiewicz, who served as CEO from May 2011 to May 2016, received $1.15 million in 2017, comprising a $781,000 bonus and a $371,000 severance payment, according to regulatory filings obtained by WWLP-22.
A BCBSRI spokesperson told the publication Mr. Andruszkiewicz earned the bonus by “meeting certain metrics for his 2016 performance,” and that both amounts were “in accordance with his employment agreement.”
“The amount paid was in line with the compensation structure of similarly sized, healthcare-focused companies,” the spokesperson said.
Records obtained by WWLP-22 show the insurer lost almost $35 million in 2016.
2017 marked the fourth consecutive year Mr. Andruszkiewicz earned more than $1 million with the insurer, according to the report. Mr. Andruszkiewicz’s successor was paid $1.4 million last year.
Executive compensation at the insurer has caused controversy in the past, the report states. A former CEO resigned in 2004 after critics commented on the pay and benefits he received during his tenure. The same CEO received a severance package worth more than $3 million, the report states.
To access the full report, click here.
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