Blue Cross of MA vows to be 'transparent' on exec money
Blue Cross and Blue Shield of Massachusetts refused to say whether its directors will consider cutting their own compensation packages --- under fire from state officials--- but the health insurer's spokesman said the high-paying nonprofit will cooperate with Attorney General Martha Coakley's review of its executive and directors pay. "The attorney general is reviewing both Cleve (Killingsworth)'s package and is also interested in issues of director compensation, and we will be working with her on these issues," Blue Cross spokesman Jay McQuaide told the Herald. "We have been transparent on this issue from the beginning, and we will continue to be so." McQuaide has declined to release details of how the board of directors voted on a controversial $11 million payout to former CEO Cleve Killingsworth after he resigned after the insurer's record $149 million 2009 losses. McQuaide refused to discuss whether board members will consider relinquishing or reducing their own $56,200-$89,886 annual compensation packages, criticized by state officials who say part-time charitable work shouldn't pay that well.
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