Outgoing CEO Larry McEvoy will receive a total severance package exceeding $1 million, under term of an agreement still to be finalized by the Memorial Health System Board of Trustees and McEvoy.
The agreement is more than his contract requires, and includes the 2007 Toyota Camry Hybrid with 45,000 miles on it, McEvoy’s unused vacation time, his Public Employees Retirement Association pension and 18 months salary.
It breaks down like this:
– !8 months salary worth $1,005,000
– 18 months COBRA (health insurance) worth $25,794, which is Memorial’s share only.
– PERA’s non-vested accrued at $11,733. Until 2011, employees didn’t have to be fully vested in order to receive the 4 percent employer contribution.
– Outplacement services worth $20,000 to help McEvoy find another position.
McEvoy said earlier this week he wanted to continue to work in the health care administration arena, building systems that benefit both the patients and the community.
“That’s the way to develop health care that is economically sound, ” he said. “I think I’ll continue to work in that sphere.”
To read more about McEvoy’s future plans and the response around his departure from Memorial, click here.