Sweeny wants Marino to explain $7.8 million bonus to Senate panel

Senate President Stephen Sweeney (D-West Deptford) is calling for a Senate hearing on Horizon Blue Cross and Blue Shield of New Jersey CEO William Marino’s $9 million compensation package at the same time the company was raising health insurance premiums to cover higher costs.

Sweeney has asked Majority Leader Barbara Buono (D-Metuchen) to call Marino before the Senate Legislative Oversight Committee to explain his $7.8 million bonus in 2009, which comes on top of his $934,615 base salary.  The non-profit health care provider insures about 72% of New Jersey residents and about 52% of New Jersey-based small businesses, Sweeney says.

“Million-dollar private-sector CEO salaries are nothing new, but a $9 million payout to the head of a supposed not-for-profit organization is simply obscene, excessive and offensive,” said Sweeney.  “While premiums are going up, the last thing executives should be looking to do is pad their own pockets.” Sweeny wants Marino to explain $7.8 million bonus to Senate panel