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Former WellPoint CEO earned $20.6 million in 2012

Angela Braly, who resigned under pressure in August, saw her compensation jump from $13.3 million in 2011.

April 04, 2013|Los Angeles Times
  • Angela Braly, shown in February 2010, resigned in August.
Angela Braly, shown in February 2010, resigned in August. (Ann Heisenfelt, AP )

Angela Braly, the former chief executive of insurance giant WellPoint Inc., earned $20.6 million last year despite resigning under pressure in August.

Braly quit the Indianapolis company after major shareholders expressed dissatisfaction with her leadership and the company's performance.

WellPoint is the parent company of Anthem Blue Cross, California's largest for-profit health insurer, and it runs Blue Cross plans in 12 other states.

Her total compensation for 2012 was $20.6 million, up from $13.3 million a year earlier, according to the company's proxy filing. The bulk of her pay last year came from stock and option awards totaling $17.8 million.

The company said Braly's total compensation last year was comparable to the previous year, excluding certain amounts received in connection with her departure.

"The board did agree to extend the period of time Ms. Braly could exercise her vested stock options through the original expiration of the grants, notwithstanding her separation from service," a WellPoint spokeswoman said. "The incremental cost of this vested stock option extension was calculated at approximately $7.8 million."

In February, WellPoint named Joseph Swedish, a longtime hospital executive, to be its next chief executive.

chad.terhune@latimes.com

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