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Equity packages push Clover, Bright Health CEOs to top of managed care pay list

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According to Market Intelligence, December 2022

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Equity packages push Clover, Bright Health CEOs to top of managed care pay list

Clover Health Investments Corp.'s Vivek Garipalli topped the list of highest-compensated CEOs at publicly traded U.S. health insurance companies in 2021.

Big equity awards

Though Garipalli opted to forgo any compensation other than equity awards for 2020 and 2021, he received $389.6 million in stocks during 2021, propelling him to the top of the list of best-compensated managed care executives. Clover Health earlier in August announced that Garipalli will transition out of the CEO position at the start of 2023, but will remain with the company as its executive chairperson.

The second-highest-paid CEO in the group was Bright Health Group Inc.'s CEO George Mikan, who saw his total compensation package increase by more than 3,000% year over year to $180.8 million, from $5.5 million in 2020. Mikan received $2.3 million in cash compensation in 2021, $94.8 million in equity and $83.7 million in options granted.

Oscar Health CEO pay soars

By far the largest percentage change in compensation year over year was experienced by Oscar Health Inc. CEO Mario Schlosser, whose compensation grew by 10,674.1% in 2021. His total compensation rocketed to $60.8 million in 2021 from just $600,000 a year earlier.

Mikan was second on that list, while Alignment Healthcare Inc. CEO John Kao, whose compensation grew by 1,093.7% to $46.0 million in 2021 from $3.9 million in 2020, was third.

All but one

Former Centene Corp. CEO Michael Neidorff was the only one whose compensation decreased year over year. Neidorff's compensation package declined 17.3% to $20.6 million in 2021 from $25.0 million. Neidorff died in April; he was replaced as CEO a month earlier.