INDIANAPOLIS, April 7 (UPI) -- The CEO of Indiana's Anthem Inc. will receive a $42.5 million stock-and-cash award for guiding the company in becoming the state's largest firm.
Larry Glasscock will receive the merit award over the next three years on top of his salary, bonuses, and other compensation, the Indianapolis Star reported Wednesday.
The newspaper said it's the largest compensation Glasscock has received since becoming the company's chief executive in 1999, and far surpasses the average $7 million to $10 million reported for CEOs in the last year.
If Anthem acquires WellPoint Health Networks this summer, as expected, Anthem will become the nation's largest health benefits firm, insuring one of every 10 Americans, the Star reported.
Andrew Goldstein, executive compensation practice leader for Watson Wyatt Worldwide, said Anthem's CEO deserves the higher compensation reward.
"There are very few people who can lead an organization of 20,000 (employees) and deliver the kind of performance . . . that Larry Glasscock has delivered," Goldstein said.
