Executive Compensation at Virtua Health (2023)

Virtua Health is a tax-exempt, non-profit healthcare provider in southern New Jersey with 5 hospitals, 40 ambulatory surgery centers,  and more than 400 healthcare offices.  The entire Virtua healthcare network consists of 13 related tax-exempt organizations, 35 related taxable partnerships, and 3 related organizations taxable as a corporation or trust. This post addresses the executive compensation of Virtua Health, Inc (Virtua) – the non-profit that manages the entire organization and provides support services to these entities.  Consequently, Virtua’s primary source of revenue is the organizations that make up the network.

Virtua has 18 voting members (trustees) of its governing body, 17 of whom are independent; 13 of the 18 (72%) are male while 5 of the 18 (28%) are female.

Key information about Virtua includes the following:

• Total revenue was $537 million in 2023, most of which came from providing support services ($496 million);
• Total expenses were $546 million in 2023, the largest expenses reported to be compensation ($356 million) and office related expenses ($108 million);
• Net assets are -$312 million, which appears to be because of changes in assets (primarily asset transfers) made through the years.

2,417 employees received $356 million in compensation in 2023, an average of $147,000. However, only 493 employees received more than $100,000 in compensation with the 9 most highly compensated reported to be:

• $3,487,539:  Dennis W Pullin, Presdient/CEO
• $1,598,426:  John M Matsinger, EVP, COO
• $1,282,262:  Robert M Segin, Treasurer- EVP/CFO
• $1,134,091:  Reginald J Blaber, EVP, CCO
• $  973,993:  Stephanie Fendrick, EVP and Chief Strategy Officer
• $  905,052:  Rhonda R Sheppard-Jordan, EVP, CHRO
• $  896,292:  Lauren Rowinski, Secretary – SVP and General
• $  718,783:  Jennifer Khelil, SVP/CMO
• $  708,055:  Thomas Gordon, SVP/CIO

The 9 most highly compensated employees received $12 million in 2023.  The 9 most highly compensated employees received $54 million in compensation from 2018-2023 (note:  highly compensated employees in any of the years 2018-2022 but not in 2023 are not included):

Dennis W Pullin:  Total Compensation 2018-2023:  $15 million

• 2023:  $3,487,539
• 2022:  $3,096,351
• 2021:  $2,572,078
• 2020:  $2,164,903
• 2019:  $1,893,869
• 2018:  $1,273,575

John M Matsinger:  Total Compensation 2018-2023:  $7 million

• 2023:  $1,598,426
• 2022:  $1,461,253
• 2021:  $1,247,248
• 2020:  $1,121,115
• 2019:  $1,136,898
• 2018:  $  752,119

Robert M Segin:  Total Compensation 2018-2023:  $8 million

• 2023:  $1,282,262
• 2022:  $1,216,683
• 2021:  $1,112,918
• 2020:  $2,454,911
• 2019:  $  937,882
• 2018:  $  807,485

Reginald J Blaber:  Total Compensation 2019-2023:  $5 million

• 2023:  $1,134,091
• 2022:  $1,108,306
• 2021:  $1,019,679
• 2020:  $  934,726
• 2019:  $1,306,578*

Stephanie Fendrick:  Total Compensation 2018-2023:  $4 million

• 2023:  $973,993
• 2022:  $927,979
• 2021:  $827,727
• 2020:  $654,909
• 2019:  $543,899
• 2018:  $445,262

Rhonda R Sheppard-Jordan:  Total Compensation:  2018-2023:  $4 million

• 2023:  $905,052
• 2022:  $866,313
• 2021:  $718,589
• 2020:  $647,376
• 2019:  $708,205
• 2018:  $479,928

Lauren Rowinski:  Total Compensation:  2018-2023:  $4 million

• 2023:  $896,292
• 2022:  $832,562
• 2021:  $704,962
• 2020:  $676,065
• 2019:  $563,290
• 2018:  $505,058

Jennifer Khelil:  Total Compensation:  2020-2023:  $3 million

• 2023:  $718,783
• 2022:  $664,084
• 2021:  $584,078
• 2020:  $530,589

Thomas Gordon:  Total Compensation:  2018-2023:  $4 million

• 2023:  $708,055
• 2022:  $701,139
• 2021:  $581,476
• 2020:  $632,810
• 2019:  $518,383
• 2018:  $476,690

To read about “Loans To and From Interested Persons,” which addresses the supplemental retirement program and reporting reasons, see the Form 990, Schedule L, Part II and V.

To read the Form 990 (2023), click here.