According to a MyCentralJersey report, Mr. Marino, who retired from HBCBS on March 1, received a salary of $900,000 and a bonus of $2.8 million last year. By comparison, he received a total compensation package of $8.7 million in 2009 and $5.5 million in 2008.
According to the report, last year’s compensation reflected a downturn in business for the state’s biggest health insurer, which has more than 3.6 million members. Lawmakers criticized HBCBS last year for distributing executive windfalls on the heels of a crippling recession.
Though a state Senate committee requested that the company explain Mr. Marino’s pay package last year, the issue remained unresolved. While some have criticized the company for distributing high salaries as rates were increased, HBCBS responded that executive compensation amounts to only 0.17 percent of customer premiums.
Read the MyCentralJersey report on Mr. Marino’s salary.
Read more on compensation:
–Male Physicians Still Out-Earn Female Physicians in Almost Every Specialty
