Friday, May 24, 2024

Ex-Blue Cross CEO Conway received $4M in final year

Patrick Conway, who resigned as CEO at Blue Cross and Blue Shield of North Carolina in September after being charged with driving while impaired last June, received total compensation of $4.03 million last year, the Durham-based insurer said today.

Conway’s pay included a $2.83 million bonus paid in March 2019 reflecting results from performance in 2018, Chief Financial Officer Mitch Perry told reporters on a conference call. Conway’s total comp for 2018 was $3.6 million, including a $2.3 million bonus.

Conway, who was convicted of the DWI charge in October, will not receive compensation from Blue Cross in 2020, Perry said.

Gerald Petkau, who is Conway’s successor as interim CEO, received $3.14 million last year, a 22% increase from a year earlier. He had been chief operating officer.

The third-highest paid Blue Cross executive last year was Chief Growth Officer John Roos, who received $1.9 million in compensation, including a $1.13 million bonus. Next were CFO Perry, who received $1.81 million; Chief Legal Officer Danielle Gray, $1.8 million; Chief Strategy Officer Bryony Winn, $1.78 million; and Chief Medical Officer Rahul Rajkumar, $1.75 million.

Three other executives received annual total compensation of more than $1.3 million.

Fees paid to directors of the not-for-profit institution ranged from $83,284 for former director Steve Nelson, who is managing director of Wakefield Group, to $143,408 for Frank Holding Jr., who is CEO of First Citizens Bank & Trust Co. Holding is board chairman of N.C. Blue Cross.

Blue Cross’ executive compensation is based on recommendations from an independent consultant and priced to the median of the health insurance market, spokesman Austin Vevurka said. The insurer’s full compensation document can be accessed here.

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