WellCare - Alec Cunningham
By Dina Overland
Alec Cunningham - WellCare
Total Revenue: $7.4 billion
Total Compensation: $5.5 million
Details: Alec Cunningham assumed the CEO position at WellCare in the wake of 2007 Medicaid fraud charges filed against the company. In 2009, he was asked to take over as chief executive and the company's stocks rose 73 percent. During his tenure, WellCare's former CEO and CFO were convicted of healthcare fraud and the Tampa-based insurer settled with the U.S. Department of Justice over allegations that it overcharged Medicare and Medicaid by about $46 million.
The settlement resulted in a $138 million fine, which WellCare is paying off in restitution payments over three years. Shortly after WellCare's third-quarter earnings increased 67 percent, the company fired Cunningham in November without providing details behind his departure.
Compensation: Cunningham's base salary of $1 million rose from $800,000 the year before. He also received $3 million in stock awards and $1.5 million in non-equity incentives, plus $10,000 in other compensation. Cunningham's incentives included $1 million in cash bonus payout.
Related Articles:
WellCare searches for new CEO to expand Medicare, Medicaid
Former WellCare execs guilty of fraud
WellCare says it's changed since $138M fraud settlement
WellCare to pay $138M in Medicare fraud settlement