UnitedHealth Group CEO Andrew Witty’s compensation in 2024 declined 34% to $16.4 million.
During 2024, the company’s stock had a return of -2.4%, which led several of its executives to postpone exercising options.
The stock continues to have a negative return, dropping 22.4% last week after disappointing first quarter results. The decrease was the largest daily decline since the 1990s.
Here’s the breakdown of Witty’s pay, which was his lowest since 2020 when he was still president and CEO of UnitedHealth’s subsidiary Optum.
- Salary: $1,500,000
- Non-equity incentive plan compensation: $1,500,000
- Other compensation: $339,097
- Value realized on vesting shares: $13,093,426
- Exercised stock options: $0
- New stock options: 41,773
- CEO pay ratio: 348 to 1
- Median employee pay: $75,778
- Total shareholder return for 2024: -2.4%
For the three years prior to 2024, Witty, CEO of UnitedHealth Group since February 2021, earned over $23 million, an amount that included the value of long-term equity awards that vested or were exercised.
Witty’s annual incentive pay of $1.5 million was not a full payout because UnitedHealth failed to reach the targets of three of the four measures used for performance goals.
UnitedHealth did exceed the annual revenue target. The company reported $400.1 billion in annual revenue, up 7.7% over the prior year.
Net earnings for the year were $14.4 billion, down from $22.4 billion as the company suffered the impacts of a cybersecurity attack at its Change Healthcare subsidiary and recorded a loss selling its health insurance business in Brazil.
