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19.4 Million Dollars for the Retiring Chairman and CEO of Blue Cross and Blue Shield

This article is more than 11 years old.

The state's largest insurer, Blue Cross and Blue Shield paid William van Faasen 19.4 million dollars last year. The payment includes just under 3 million in compensation and 16.4 million in a lump sum retirement package. Spokesman Christopher Murphy says the package was based on van Faasen's 17 years with Blue Cross, 13 as CEO, and was reviewed by two outside consulting firms.
"It is imperative that as a large health insurer in the state MA, we attract and retain the best leadership available in the market."
Senate President Therese Murray says it will be difficult to control rising health care costs when "non-profits" are compensating executives at this level.

This program aired on November 15, 2007. The audio for this program is not available.

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