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Former MA Blue Cross CEO got $8.6M

Cleve L. Killingsworth, who abruptly resigned last March as CEO of Blue Cross Blue Shield of Massachusetts, received $8.6 million in compensation last year from the state's largest health insurance company, including $1.4 million in severance pay. The pay package was detailed in a Blue Cross filing this morning with the Massachusetts Division of Insurance. In a separate statement, the insurer's former chairman indicated for the first time that the terms of Killingsworth's departure had been negotiated. Killingsworth drew a salary of $273,040 for his two and a half months at the Boston-based insurer last year, a $922,480 bonus for his work in 2009, and $7.4 million in additional compensation, including severance and retirement pay that had been accrued over his six years at Blue Cross.
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