Jay Gellert - 2009 Insurance CEO Compensation

Jay Gellert - Health Net (NYSE: HNT)

Total 2009 Compensation: $3,643,342

Compensation breakdown:

  • Base salary of $1,200,000
  • Non-equity incentive plan compensation worth $1,587,600
  • Change in pension value and nonqualified deferred compensation worth $767,347
  • "Other compensation" including use of a corporate aircraft, personal use of corporate vehicles and company matching contributions for a 401(k) plan valued at $88,395

The skinny:

Gellert took a bit of a pay cut in 2009; his overall compensation was about $5 million less than his 2008 earnings of $8.8 million. But then again, his company also suffered a $49 million net income loss last year, as reported in Health Net's 2009 annual report

His 2009 base salary remained nearly the same (it actually dropped $4,615 to $1,200,000), but Gellert earned no stock or options awards. Still, he earned a $1.6 million performance bonus based on a pre-tax income threshold of $384.4 million; the pre-established threshold PTI goal for fiscal year 2009 was $350 million. 

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