WellCare Health Plans CEO Alec R. Cunningham will receive a $650,000 annual salary retroactive to his start date of Dec. 28.
The compensation committee of WellCare's board of directors also agreed last week to give him a $200,000 special cash promotion bonus in addition to a $307,800 bonus based on his 2009 performance. He previously ran the Tampa managed care company's largest operating division, which serves Medicare and Medicaid members in Florida and Hawaii.
Cunningham succeeded Heath Schiesser, who became CEO in January 2008 after former chief executive Todd Farha and two other top executives were forced to resign amid federal and state investigations.
Schiesser said last summer he would leave when WellCare found a successor. He received an $800,000 bonus and $1.2 million separation fee in addition to his $400,000 salary for 2009.