When UnitedHealth Group CEO David Wichmann fully exits the company next month, he'll leave with a nice parting gift: two years' salary and bonuses.
In a Securities and Exchange Commission filing, UnitedHealth said that Wichmann's "lengthy and successful tenure with the Company, he has met the definition of retirement set forth in his previously granted equity awards."
Wichmann is departing the company "after playing an instrumental role leading, building and unifying UnitedHealth Group over its most pivotal two-plus decades of growth and diversification, successfully achieving the growth and performance goals set when he became chief executive officer in 2017 and guiding the Company during the onset of the pandemic," UnitedHealth Group said in the filing.
Wichmann's base salary in 2019 was $1.4 million, according to UHG's most recent proxy filing, and he earned additional cash rewards of $4.5 million that year.
Wichmann's total compensation in 2019 totaled $18.9 million, according to the proxy.
UnitedHealth Group announced Wichmann would retire as CEO last week, and the company said that Optum chief Andrew Witty would succeed him in the CEO role.
Wichmann will stay on with the company through March to aid with the leadership transition. He's worked at the company in various roles since 1998.