CEO Daniel Loepp gets $7.1 less in bonus pay.
Daniel Loepp, the CEO of Blue Cross Blue Shield of Michigan, saw his his pay drop significantly in 2019 compared to the year before, the Detroit Free Press reports.
Cash compensation for Loepp, 62, fell to $12.1 million from $19.2 million in 2018, the health insurer disclosed Monday. The 37-percent cut reflects $7.1 million less in bonus pay.
Blue Cross representative Andy Hetzel told reporters Monday that the CEO's performance measurements and maximum incentive amounts can change from year to year, JC Reindl writes.
"We will say that the company continued to perform very strongly and had a very successful year financially, and lowered rates for many of our members and customers over the year," he said. “So overall, his bonus reflects a very strong corporate performance across the board."
