Anthem chief Larry Glasscock will receive $42.5 million in cash and stock as a reward for the Indianapolis-based health insurer's rapid growth, according to a Securities and Exchange Commission filing. Anthem's net income rose an average of 41% annually between 2000 and 2002, compared with the company's performance goal of 15% annual earnings growth. Glasscock, Anthem's chairman, president and chief executive officer, will receive a $21.2 million cash bonus this year and a restricted stock award of $21.2 million, half of which will vest in 2005 and half in 2006. The incentive award is in addition to Glasscock's $3.3 million salary and bonus for 2003. Anthem is preparing to close a pending, $16.4 billion merger with WellPoint Health Networks, creating the nation's largest health insurer. Glasscock, 55, became Anthem's top officer in 1999. -- by Laura B. Benko
Anthem's rapid growth wins Glasscock $42.5 million
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