Ex-Horizon Chief Received Nearly $3.7M in Compensation Last Year
The former head of Horizon Blue Cross Blue Shield executive officer received a compensation package of nearly $ 3.7 million last year, significantly less than the previous two years, the health insurer said in a file with the state. William Marino, who retired on March 1, received a salary of $ 900,000 and a bonus of $ 2.8 million. By comparison, he received a compensation package of $ 8.7 million in 2009 and $ 5.5 million in 2008. Horizon officials said that 2009 was an anomaly, because Marino received compensation that was deferred from previous years.
Last year compensation – based on the performance of the company in 2009 – reflects a decline in business, the company said. Newark-based Horizon is the state’s largest health insurer, with more than 3.6 million members. The company compensation plan came under fire from legislators last year due to a windfall for executives receive a change in the way the company paid deferred compensation. Comes on the heels of a devastating recession, followed complaints from customers who have dug deeper to pay for health insurance, and physicians are reimbursed less for their services. A state Senate during a hearing last June, said company officials to explain the compensation package. But the problem disappeared without legislative action.