CCH Board of Trustees Approves New Compensation Policy for CEO Position
Written by broebling on October 2, 2017
Press Release – The Campbell County Health (CCH) Board of Trustees approved a new policy for compensation of the CEO position at the September 28, 2017, Board meeting. The CEO position is the only position within the organization that is overseen by the Board.
“It was very important to the Compensation Committee that we are competitive within the healthcare industry,” said Harvey Jackson, CCH Board Chair. “This review and analysis has been in the making for the past several years, and I’m proud that the Board agreed on a strategy for retention and stability in the CEO position. We have to continuously improve the care we provide for the people in our community and that starts with hiring and retaining the most qualified people we can.”
In order to update the compensation policy, the Board of Trustees considered the total compensation of salaries, benefits and bonus amounts paid to CEOs of comparable health systems, using data from hospitals across the country, including those specific to Wyoming and the Mountain West, excluding major urban areas. An independent compensation consulting firm familiar with CCH was utilized to ensure that the data was accurate and the compensation policy was fair, equitable and within the standards of the healthcare industry.
Compensation in the healthcare industry is a product of the management challenges, scope of responsibility, size of the organization and the competitive marketplace from which executives are recruited and retained. CCH is one of the most complex healthcare organizations in the state and one of the largest employers in the community. To retain the CEO position, CCH updated the compensation policy to minimize losing, now and into the future, overall effectiveness through turnover in this key role.
The approval of the compensation policy will impact the current CEO, Andy Fitzgerald. The total maximum CEO compensation, including salary and bonus will be $510,000, and is based on achieving goals outlined in the annual Strategic Plan. This represents a compensation package in the 50th percentile for CEOs leading other like-sized healthcare systems.