The former president of Blue Cross Blue Shield of Vermont, William R. Milnes Jr, retired at the end of 2008 after taking home $7.25 million in salary, bonuses, and retirement cash. Of that sum, roughly $900,000 was listed as salary and bonuses; the remainder, $6.3 million, was additional compensation commonly known as a golden parachute.
News of Milnes compensation package coincides with a back-and-forth battle in Montpelier on how to finance public health-care programs in the weak economy.
Kevin Goddard, Blue Cross Blue Shield s vice president of external affairs, said that Milnes retirement package and bonuses were part of his contact when he was hired 10 years ago. Goddard said that the most controversial aspect of executive compensation - in reference to what is happening nationally with firms such as AIG - is in the context of mismanaged companies. That is not the context here.
Blue Cross Blue Shield executive gets $7.25 million in 2008
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