Shareholders will consider the compensation packages on Oct. 29, when they vote on the proposed merger with RCCH HealthCare Partners.
LifePoint Health CEO Bill Carpenter could descend gently into retirement strapped to a $70 million golden parachute, according to proxy statements filed Thursday with the federal government.
Carpenter and three other top executives at the Tennessee-based for-profit hospital chain will receive a total of $121 million in golden parachute compensation, according to the document, which was filed with the Securities and Exchange Commission this week.
LifePoint shareholders are expected to vote on the compensation package and the merger on Oct. 29 at LifePoint's Brentwood, Tennessee headquarters.
Carpenter's retirement was announced on Wednesday, and it will take effect after the merger with RCCH HealthCare Partners is finalized later this year.
His successor, David Dill, LifePoint's current president and COO, will also get a plush golden parachute compensation valued at $25.5 million, according to information posted on Page 125 of the proxy statement.
Two other top executives at the company, CFO Michael S. Coggin, and CAO John P. Bumpus, will receive golden parachute compensation valued at $13.4 million and $11.4 million, respectively, the proxy statement said.
Carpenter has a long history with LifePoint, which specializes in hospital operations in non-urban settings. He was a founding employee when the company was formed in 1999, and has served as CEO since 2006 and was appointed chairman of the board in 2010.
"It has been an absolute privilege to lead LifePoint for nearly 13 years, and to be a part of the team since the company’s inception almost 20 years ago. I am incredibly proud of all the organization has accomplished during that time," said Carpenter.
"We’ve grown from 23 hospitals in 9 states, to nearly 70 hospitals in 22 states today, to a footprint that will soon span coast to coast, pending completion of our merger with RCCH HealthCare Partners," he said.
LifePoint and RCCH, both of which are headquartered in Brentwood, Tennessee, announced their merger in July. Dill will be the first CEO of the merged company, which will keep the LifePoint Health name.
John Commins is a content specialist and online news editor for HealthLeaders, a Simplify Compliance brand.
KEY TAKEAWAYS
Retiring CEO Bill Carpenter could collect nearly $70 million, pending shareholder approval.
Carpenter will leave after the merger with RCCH HealthCare Partners is finalized.
His successor, David Dill, could receive $25.5 million.