UnitedHealth CEO’s pay drops 29%
MINNEAPOLIS—The CEO of UnitedHealth Group Inc. saw his total pay drop 29 percent last year as he went without any new stock awards, according to a company filing on Monday.
Chief Executive Stephen Hemsley took in total pay worth $5 million, down from almost $7.1 million in 2006, according to an Associated Press calculation from the insurer’s proxy statement. Hemsley received about $3 million in options the prior year.
The company said Hemsley agreed with the decision to go without an equity award in 2007, which was made "in light of the value of equity awards previously granted to Mr. Hemsley." He will soon own about 12 million shares, according to the filing.
Based on UnitedHealth’s share price so far, he didn’t really miss out. UnitedHealth gave four other executives a major equity award on May 28, 2007 although it’s not yet worth anything.
