Former Aetna CEO Got $1.15M Bonus Despite Poor Company Performance

Aetna Inc.'s former chairman and CEO Richard Huber was paid a $1.15 million bonus last year even as the stock price in the nation's largest health insurer plunged, according to the Associated Press.

Huber, who resigned in February amid pressure from stockholders, also was paid a $1 million salary in 1999, the AP report said, citing a March 22 proxy statement filed by the company with the Securities and Exchange Commission.

The proxy said Huber was awarded the bonus based on the company's financial performance and Huber's role in ``positioning the company as a world leader in providing health benefits and financial services.'' The proxy said Huber's $1.15 million bonus in 1999 was 15% less than he received in 1998.

Aetna's stock price peaked at $99.87 in April 1999, but then fell markedly as the company struggled to control health costs and faced several class action lawsuits alleging the company's managed care policies hurt patient care, according to the Associated Press.