WellCare - Alec Cunningham

CEO payouts at 8 largest health insurers

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.

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