Executive Compensation at AdventHealth (2019)
AdventHealth (formerly known as Adventist Health System until 2019 when the 501 (c) (3) “rebranded” itself) is one of the largest non-profit health care providers in the United States with nearly 50 hospitals and hundreds of care sites in 9 states. Based in Altamonte Springs, Florida, AdventHealth is a very large system with dozens of separate 501 (c) (3)’s for the hospitals, physician care, patient care, and more.
This post looks at the executive compensation at Adventist Health System Sunbelt Healthcare Corporation (AHSSHC) because the most recent (2019) IRS Form 990 is available for this entity (before the organization was rebranded to AdventHealth). It is important to note there are dozens of other related and affiliated non-profits related to AdventHealth that are not covered in this post.
AHSSHC provided executive leadership and other professional support services to the subsidiaries and affiliates of its healthcare network. Consequently, most revenue is from affiliated organizations within the network who pay AHSSHC for management and reimbursement for salaries, wages, and other expenses. However, it is important to note AHSSHC has more than $670 million in net assets which indicates AHSSHC has historically spent less than the organization received.
In 2019, AHSSHC reported having 4,940 employees who were compensated $568 million, which equates to an average compensation of $115,000. However, only 1,296 employees received more than $100,000 in compensation with the 19 most highly compensated employees listed below:
- $4,712,219: Terry D Shaw, Director/President/CEO
- $3,041,828: Randall L Haffner, Director/SEVP/CEO Multi-state Division
- $2,905,971: Lars D Houmann, Director/COO
- $2,150,623: Daryl Tol, SEVP/CEO Central Florida Division
- $1,908,196: Michael Schultz, SEVP, CEO West Florida Division
- $1,843,957: Paul Rathbun, Director (beg 9/18). SEVP/CFO
- $1,681,059: Sandra K Johnson, Director/EVP/Chief Admin Officer
- $1,617,423: Eric Stevens, SEO, Acute Health, Central Florida Division
- $1,491,785: Eddie Soler, EVP/Senior Finance Officer
- $1,479,981: Brent G Snyder, Director/ EVP/CIO
- $1,448,579: David Banks, EVP, Chief Strategy Officer
- $1,445,235: Todd Goodman, SVP/CFO, Central Florida Division
- $1,439,068: David Moorhead, SEO, Chief Clinical Officer (beg 12/18)
- $1,304,208: Kenneth A Finch, President/CEO, Southwest Region
- $1,278,726: Peter M Weber, Pres/CEO, Southeast Region
- $1,198,912: Jeffrey Bromme, EVP, Chief Legal Officer
- $1,167,841: Bruce Bergherm, SEO, Acute Health, West Florida Division
- $1,016,665: Kathleen Clem, EVP, Chief Clinical Officer (end 12/18)
- $ 903,777 : Olesea Azevedo, SVP, Chief HR Officer
The 19 most highly compensated employees received more than $34 million, which equates to an average compensation of $1.8 million.
16 of the 19 (84%) most highly compensated employees are male while 3 of the 19(16%) are female. Of the 10 most highly compensated employees, 9 are male while the sole female is at the bottom of the list (although it is important to point out she was compensated nearly $1.7 million in 2019). It is also important to note AHSSHC has 66 voting members of a governing body, 57 of whom are independent. The Form 990 (2018) lists 69 directors (due to timing differences), 58 of whom are male (84%) and 11 of whom are female (16%).
AHSSHC paid for first class or charter travel, travel for companions, health of social club dues or initiation fees, a residence for personal use or a housing allowance, discretionary spending accounts, and gross up payments and tax indemnification. For details on these expenses, see Form 990, Schedule J, Part III, Supplemental Information. In addition, information on the SERP and SEDB (Senior Executive Dean Benefit) Plans are also detailed.
To read the IRS Form 990 (2019), click here.