2025-05-15 UnitedHealth’s Returning CEO to Get $61 Million Pay Package
New UnitedHealth Group Chief Executive Stephen Hemsley will get a pay package worth \$61 million, mostly in stock options that vest after three years, and which he could keep even if he steps down or is terminated sooner.
联合健康集团（UnitedHealth Group）新任首席执行官斯蒂芬·赫姆斯利（Stephen Hemsley）将获得价值 6100 万美元的薪酬方案，其中大部分为三年后归属的股票期权，即便他提前离职或被解雇，他仍可能保有这些期权。
The UnitedHealth chairman and former CEO returned to the top job Tuesday, replacing Andrew Witty at the helm of the healthcare giant he helped build. Hemsley led UnitedHealth for more than a decade, stepping aside in 2017, and took on the role of chairman after that.
周二，这位联合健康的董事长兼前首席执行官重返最高职位，接替安德鲁·威蒂（Andrew Witty），再度掌舵他曾参与打造的这家医疗保健巨头。赫姆斯利曾领导联合健康逾十年，于 2017 年卸任首席执行官后出任董事长。
Hemsley, 72, helped transform UnitedHealth from an insurance concern to a company that is now a sprawling \$400 billion conglomerate, and during his tenure as CEO, UnitedHealth delivered a steady cadence of earnings increases that helped push its stock up.
现年 72 岁的赫姆斯利帮助联合健康从一家保险公司转型为如今市值约 4000 亿美元的庞大综合企业；在他担任首席执行官期间，公司盈利稳步增长，推动股价不断攀升。
But Hemsley is returning to a company unlike when he left: UnitedHealth has seen its shares’ value drop by more than half in the past month. On April 17, UnitedHealth announced results that came in below Wall Street expectations and reduced its earnings projection for 2025. On Tuesday it withdrew that new, lower estimate.
但赫姆斯利回归的联合健康与他离任时已大不相同：在过去一个月中，公司股价已跌去逾半。4 月 17 日，联合健康公布的业绩低于华尔街预期，并下调了 2025 年的盈利预期；周二，公司又撤回了这一下调后的指引。
Hemsley’s pay package is striking in its simplicity: a \$1 million annual salary, no annual bonus and stock options valued at \$60 million on the date of grant. He would receive no other equity for at least three years, the company said in a brief description of the arrangement filed with the Securities and Exchange Commission. It doesn’t say how long the agreement is expected to run.
赫姆斯利的薪酬方案因其简洁而引人注目：年薪 100 万美元，不设年度奖金，以及授予时价值 6000 万美元的股票期权。公司在提交美国证券交易委员会的一份简要说明中称，至少三年内他不会再获得其他股权激励。文件未说明该协议预计持续多久。
A spokesman for UnitedHealth said Hemsley’s pay is similar to that of CEOs at similar companies and is aligned with shareholders’ interests. He will receive no pay beyond his salary for three years, he said.
联合健康的一名发言人表示，赫姆斯利的薪酬与同类公司的首席执行官相当，并符合股东利益。他在三年内除工资外不会获得任何额外报酬。
“The options will not have any value if the stock price does not increase,” the spokesman said. “During the first three years of employment if Hemsley resigns or is terminated \[by] UHG for cause, he will forfeit the options.”
该发言人称：“如果股价不上涨，这些期权将一文不值。雇佣前三年内，若赫姆斯利辞职或因故被 UHG 解雇，他将失去这些期权。”
The stock options vest—or become his to exercise at will—all at once after three years, without the kind of stock-market or operating-result performance criteria that have become common in modern equity-compensation arrangements, including at UnitedHealth.
这些股票期权将在三年后一次性归属，届时他可随意行权，不附加如今常见的股市或经营业绩指标，此类附加条件也包括联合健康现行的股权激励方案。
In its annual proxy statement filed last month, UnitedHealth in several places emphasized its use of a combination of equity instruments, including ones linked to performance measures, when paying top executives. “Our stock compensation awards are delivered through a balanced mix of performance shares, \[restricted stock units] and stock options to encourage sustained performance over time,” it says in one place.
联合健康上月提交的年度委托书在多处强调，公司在高管薪酬中采用多种股权工具组合，其中包括与绩效指标挂钩的激励。“我们的股权奖励通过绩效股、受限股票单位（RSU）和股票期权的平衡组合发放，以鼓励长期持续的业绩表现。”文件称。
The all-or-nothing structure of the option award is striking, said Doug Chia, president of consulting firm Soundboard Governance and former corporate secretary for Johnson & Johnson. “It is basically saying, ‘We’re hiring him for three years.’ ”
咨询公司 Soundboard Governance 总裁、强生前公司秘书道格·齐亚（Doug Chia）表示，期权奖励的“全有或全无”结构颇为显眼。“这基本是在说，‘我们聘他三年’。”
If UnitedHealth removes him from his job in most circumstances, Hemsley would receive \$2 million in cash and double any annual bonus he receives later, plus—if it happened after the first year—likely could keep the stock options, under a provision that says the options would continue to vest for two years. He would be barred from working for a UnitedHealth competitor during that time. If he is terminated without cause in the first year, he is treated as if he had finished the year.
若联合健康在多数情况下将其免职，赫姆斯利将获得 200 万美元现金，以及其后任何年度奖金的两倍；若免职发生在第一年之后，他很可能仍可保留股票期权，因为相关条款规定期权可继续归属两年。在此期间，他不得为联合健康的竞争对手工作。若他在第一年内被无因解雇，则视同已完成首年就业。
“That means no matter what happens, he’s getting that \$60 million of options, if he’s not fired for cause,” said Eric Hoffmann, chief data officer for compensation consulting firm Farient Advisors.
薪酬顾问公司 Farient Advisors 首席数据官埃里克·霍夫曼（Eric Hoffmann）说：“这意味着只要不是因故解雇，无论发生什么，他都将拿到这 6000 万美元的期权。”
The pay package is unusual for omitting an annual bonus and structuring equity pay entirely in options at such a big company, Hoffmann said. The valuation is also near the upper end for a new CEO’s sign-on arrangements even at the biggest companies, though it is in line with what UnitedHealth paid Hemsley’s predecessor over three years, Hoffmann added.
霍夫曼补充说，在如此大型公司中，不设年度奖金且完全以期权形式发放股权薪酬的做法并不常见。该薪酬估值也接近最大型公司新任首席执行官签约奖励的高端水平，但与联合健康在三年内支付给赫姆斯利前任的薪酬相当。
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