Healthcare chief executives made an average of $1.5 million in 1995, an 83% increase compared with the start of the decade, a new survey has found.
Jenks Healthcare Business Report, an Atlanta-based newsletter, said last year's pay, up 6.7% from the previous year, is the highest level recorded in the six years the newsletter has been tracking the industry's CEO pay. Total compensation-including bonuses, long-term incentive payments and other cash awards-was reported for CEOs of 70 major healthcare companies.
The highest-paid executive-Robert P. Luciano, CEO of Madison, N.J.-based Schering-Plough Corp.-received nearly $5.9 million last year, followed by William C. Steere Jr., chairman and CEO of New York-based Pfizer, who earned close to $5.3 million. Alan B. Miller, chairman and CEO of Universal Health Services, a King of Prussia, Pa.-based hospital management company, ranked third, earning nearly $4.3 million.