E-mail went out from David Cordani to employees shortly ago. What do you think of all the leadership changes that David announcement? I was hoping David would step down, but I guess that's asking for too much.
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I looked at the Form 8-K filing in the link you included and Evanko and Palmer are actually making $9 million per year now (not a measly $6 million):
Base salary- $1 million
Bonus target- $2 million
Long-term incentive- $6 million
They must be doing an amazing job.
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Original post:
It’s interesting that Brian Evanko, the person who initially ran the terribly performing Medicare and IFP businesses and then was CFO when Cigna was somehow caught by surprise that expenses were out of control last year, was promoted and given a big compensation package.
The same with Eric Palmer. Evernorth has delivered none of the strategic value it was supposed to deliver. Care Plus? Care Delivery? Data and insights as a service? Um… Most of the value is just coming from the legacy Express Scripts PBM business.
Yet each of them are now making $6 million + per year, while people continue to lose their jobs. They seem like relatively nice, intelligent guys but come on. Compensation details are in this link. Note that these are targets. They can easily make more and execs game the system to make sure they always exceed the targets.
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001739940/cbee511b-1e8c-4c31-a323-8684f9c8b7a4.pdf
It’s interesting that Brian Evanko, the person who initially ran the terribly performing Medicare and IFP businesses and then was CFO when Cigna was somehow caught by surprise that expenses were out of control last year, was promoted and given a big compensation package.
The same with Eric Palmer. Evernorth has delivered none of the strategic value it was supposed to deliver. Care Plus? Care Delivery? Data and insights as a service? Um… Most of the value is just coming from the legacy Express Scripts PBM business.
Yet each of them are now making $6 million + per year, while people continue to lose their jobs. They seem like relatively nice, intelligent guys but come on.
Compensation details are in this link. Note that these are targets. They can easily make more and execs game the system to make sure they always exceed the targets.
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001739940/cbee511b-1e8c-4c31-a323-8684f9c8b7a4.pdf
Does anyone know what happened to Aaron Crosson and who has his team? A VP leaves and nothing as part of the reorg announcements is odd.
MA is just a small portion of the Cigna conglomerate. Operations includes commercial CS, regulated markets Medicare D, PBM pharmacy ops.
Hard to co-navigate with technology now over operations. Noelle is clueless in operations obviously, so bringing in Dusty.
This email has a lot of corpo buzzwords but I also read more than just surface level. I honestly don't think David is all that safe in his position either.
Lots and lots of ego st-----g and corporate buzzwords from the useless Noelle Eder and the even more useless Mike Triplett.
But at least we know DEI is going to live on, and that is the most important thing.
yea odd no changes for ma directly but interesting that the cfo is expanding from us govt to all healthcare. maybe so us govt can be dropped…
found it in iris
Weird I havent received any email about this.
I thought that too! Why no changes for MA?
A lot of the changes were commercial and Evernorth related. Oddly suspicious that nothing directly affected the MA side of the business.
Thought Cordani was leaving but it looks like he delegated work from the healthcare side of things so he could focus on the Cigna group
Came to say that "retirement" does not always mean retirement. Sometimes it means the same as "seeking opportunities outside the company". Lots of SLT retiring lately...
I was wondering if this timing of the announcement is a precursor to layoffs tomorrow. Could the CEO role be in advance of David stepping down? This is like a chess game, by the time leadership moves happen they are already thinking two steps ahead.
Yeah appointing someone CEO of Cigna Healthcare is a big step. May be he is not able to handle the daggers from all ends. It’s honestly tough to be David Cordani. But he needs help too. I think it’s a good decision to create that level. But we need to see how it will affect all of us .
But layoff wise, not sure if something changed based on this announcement. Seems to be a lot of ELT related stuff
It’s such BS! They just laid off thousands of people, for what? To promote the ELT??! Unbelievable