WellPoint's former CEO Angela Braly, who resigned amid strong shareholder scrutiny last August, received a 55 percent raise to earn a total of $20.6 million in 2012.
Braly was paid a $1.2 million salary, only slighty more than her $1.1 million salary in 2011, and a performance-related bonus of almost $1.4 million. The rest of her earnings came from stock options and awards, adding up to $17.8 million, according to WellPoint's 2013 proxy statement released Tuesday.
The former CEO walked away with higher compensation after coming under fire from shareholders and analysts for her management of WellPoint, which ultimately led to her forced resignation from the chief executive post of the second largest insurer.
Despite being terminated without cause, Braly is receiving a severance package worth twice her yearly salary in addition to her target annual incentive. She also gets a pro-rated retirement bonus, as well as healthcare coverage, financial planning services and outplacement counseling during her severance period.
WellPoint defended the payout to Braly. "Despite some headwinds and a transition of leadership, WellPoint increased its net income per share and boosted enrollment by almost 2 million members last year and also completed the acquisitions of 1-800 Contacts and Amerigroup to position the company well for future growth," WellPoint spokeswoman Kristin Binns told the Indianapolis Star.