WellPoint’s interim CEO John Cannon will receive $83,333 a month while serving as the company’s temporary leader, according to documents the company filed Friday with the Securities and Exchange Commission.
Calculated annually, that amounts to a salary of $1 million.
The compensation committee of the company’s board of directors also approved a restricted stock grant of $2.5 million and cash incentives worth up to 110 percent of Cannon’s base salary, or $1.1 million if calculated annually.
Cannon, the company’s chief legal counsel, was appointed interim CEO following the departure of Angela Braly, who resigned Aug. 28 amid investor dissatisfaction with the company’s performance under her tenure.
Cannon has said he does not intend to seek the CEO position on a permanent basis. The company’s board of directors is conducting a search of internal and external candidates.
via WellPoint interim CEO to receive $83K a month | Indianapolis Star | indystar.com.