Tuesday, March 25, 2014
Gentiva Senior Leader Pay up 66.1% in 2013
Gentiva revealed its 2013 executive compensation in its annual proxy statement (SEC filing). Average pay increased by 10% for senior executives from 2012 to 2013. With the addition of Executive Chairman Rod Windley total executive pay rose 66.1% to $8.5 million. I'm not sure how much joy Gentiva employees got from the $2.9 million expenditure on the Chairman of Fun.
What was the average raise for Gentiva employees during 2013? It was not in the company's annual report. I'm sure it was nowhere near 10%.
I know many who got no raise whatsoever. I know others who got the merest pittance of a raise, such that their 2013 W-2 was less than their 2012. I'll leave it to each Gentiva employee to judge their pay changes in light of our top leaders. Sad days indeed for those wanting leadership by example.
P.S. Gentiva's 10-K stated: "During 2013, the Company undertook a corporate restructuring initiative, referred to as "One Gentiva", to better align its home health, hospice and community care businesses under a common regional management structure. In addition, the Company undertook a branch rationalization initiative to review under performing branches. As a result of this review, the Company has closed or consolidated 77 branches through early 2014." Gentiva is synonymous with under performance, so why is executive pay higher?