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Despite a nearly 26% decline , Alignment Healthcare CEO John Kao had the highest total compensation among health insurance chief executives at $34 million. The company awarded Kao $1.6 million in restricted stock units in September “in recognition of the fact that Alignment had beat the past six quarters in a row—now past eight quarters in a row—and the need for shareholders to have a durable, long-term incentive in place for all senior management,” a spokesperson wrote in an email.
Stocks comprised most of Kao’s compensation package last year, which also included a one-time grant he received during the initial public offering and the beginning of his equity vesting, the spokesperson wrote. “Comparing his compensation to that of CEOs at legacy health plans is like comparing apples to oranges,” the spokesperson wrote.
Bright Health Group CEO Mike Mikan reported the highest base salary among insurance startup CEOs at $1.3 million, a 25.8% increase from the prior year, and nearly double what the chiefs of Oscar Health and Alignment Healthcare earned. Mikan’s base pay is similar to London’s, who received $1.35 million, and Broussard’s, who was paid $1.34 million.
Mikan was also the only insurtech CEO to receive a cash bonus from the prior year—$1.69 million—as well as compensation for the use of a private jet. Mikan received $121,507 for a leased aircraft last year. Mikan won the bonus for his efforts to restructure the company and guide its exit from the insurance business, the company said in an SEC filing. Bright Health, which is at risk of bankruptcy, did not immediately respond to an interview request.
Former Clover Health CEO Vivek Garipalli, who departed at the start of the year to become executive chairperson of the board of directors, opted to forego a salary in 2022.
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