MIAMI (CBS4) – Carlos Migoya, the newly named CEO of the embattled Jackson Health System found out Thursday how much he’ll be paid for the top job.
Thursday, a compensation committee with the hospital’s governing board decided Migoya will earn $590,000 in annual base pay, plus a benefits package of $107,121 and possible bonuses up to $295,000, if the hospital stops losing money.
The base salary is about 10-percent less than that of the current chief executive, Dr. Eneida Roldan, who was paid $665,000 a year to oversee the third largest public hospital system in the country. Her benefits package totals $113,000, according to a Jackson report. Her predecessor, Marvin O’Quinn, was earning $826,967 a year when he left at the end of 2008.
Roldan’s contract ends May 31, but Migoya has talked about taking over as soon as May 1. Lawyers for Jackson and Migoya are now expected to hammer out the final details of the contract, which on Monday goes to the Public Health Trust, Jackson’s governing body, for approval.
Jackson’s annual budget is $1.5 billion and is still struggling to survive a financial crisis brought on by mismanagement and a struggling economy. Jackson lost $244 million in fiscal 2009, $93 million in 2010 and is projected to be on a course to lose $103 million this fiscal year, which ends Sept. 30th.
The benefits package approved Thursday is the county’s regular executive package for employees such as the county manager. It includes $10,000 as an “executive benefits allowance,” $600 per month for a car lease, $23,500 toward his retirement pension, $16,871 for dependent healthcare, $3,000 a month for expenses and $8,000 a year for a life insurance and disability policy.
Migoya, a banker for more than 30 years, served as Miami city manager for 10 months last year at no pay. Last week, he told reporters he was willing to take considerably less than Roldan’s current salary, but might ask for incentive bonuses if he turned the system around.
(©2011 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report)