Not bad for three years at Cigna…

September 22, 2010

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Michael Woeller joined Cigna in 2007, where he’s chief information officer and executive vice-president, and will be until October 8. That’s when, Cigna tells us in an 8-K it filed Monday, Woeller will step down — with a parting gift of $2.3 million from Cigna and its shareholders.

The Agreement and Release that Woeller and Cigna signed includes, as the company put it, “customary confidentiality, non-solicitation, non-competition, non-disparagement and release provisions,” and requires him to return his Blackberry, cell phone, computer, records and so on. In return, the company estimates, a combination of payments — bonus, long-term incentive payout, performance-linked restricted stock, etc. — will work out to about $2.3 million.

Unlike some other departures we’ve seen, that seems to be about the extent of it. His pension is tiny — about $91,747 in value, and much less in terms of an annual payout — according to Cigna’s most recent proxy filing. The proxy lists no deferred compensation.

Still, it seems like a pretty steep price-tag for three years of work, even hard work, since we have little doubt the chief information officer at a health insurer has his work cut out for him. (At least, judging from every piece of health-plan paperwork we’ve ever seen.)

No doubt shareholders are glad the contract requires him to give his $50 used cell cell-phone back to Cigna.

Image source: MRBECK via Flickr

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