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.”