Gene Woods, Ceo Of Atrium Health’s Parent Company, Gets A 49% Pay Boost, To $25.8 Million

By Michelle Crouch 

Advocate Health CEO Gene Woods’ compensation surged to $25.8 cardinal successful 2024, a 49 percent jump from nan $17.3 cardinal he earned nan erstwhile year, according to a caller taxation filing.

Woods’ full salary starring nan Atrium Health genitor institution has much than quadrupled since 2017, his first afloat twelvemonth arsenic CEO of Atrium Health — earlier their merger — erstwhile he earned $5.4 million.

Woods’ compensation places him supra astir different wellness attraction strategy leaders successful nan state. Novant Health CEO Carl Armato earned $8.2 million successful 2024, Duke Health CEO Craig Albanese earned $2 million, WakeMed CEO Donald Gintzig earned $1.9 million, while Cone Health CEO Mary Jo Cagle and ECU Health CEO Michael Waldrum some took location astir $1.7 cardinal – but those organizations are importantly smaller than Advocate. UNC Health did not supply its executive salary figures by nan deadline.

Woods besides out-earned Sam Hazen, CEO of for-profit HCA Healthcare, nan largest infirmary strategy successful nan state and usability of Mission Health successful occidental North Carolina. Hazen received $23.8 million successful 2024.

This year’s summation makes Woods 1 of Charlotte’s highest paid executives successful 2024. He earned much than each but 1 of nan Charlotte region’s Fortune 500 companies, down only Bank of America CEO Brian Moynihan, who earned $35 cardinal past year, according to securities filings.

Woods serves arsenic nan CEO of Advocate Health, Atrium Health’s caller genitor company. Advocate was formed nether Woods’ activity erstwhile Atrium mixed pinch Midwest-based Advocate Aurora successful 2022. It is now nan country’s third-largest nationalist wellness system, pinch $35 cardinal successful yearly gross and hospitals successful nan Carolinas, Georgia, Illinois and Wisconsin. It has astir 162,000 employees.

Woods’ salary consists of $4.6 cardinal successful guidelines compensation, $14.4 cardinal successful prize compensation, $3.8M successful different reportable compensation and $2.9 cardinal successful status and different deferred pay, according to Advocate’s national taxation filing.

It lists 20 different elder leaders who earned much than $1 million  successful 2024, but that includes status and severance packages for immoderate departing executives.

In a statement, Advocate said nan system’s executive compensation “reflects nan standard and complexity of guiding 1 of nan nation’s largest wellness systems.” It emphasized that “the mostly of compensation is performance-based,” tied to diligent safety, value and organization effect metrics.

The connection besides noted that Advocate has “the astir U.S. News & World Report ‘Best Hospitals’ successful North Carolina, Illinois and Wisconsin,” which it cited arsenic grounds of its quality. Executive compensation, nan strategy said, represents “just 0.17% of full strategy compensation.”

Atrium Health released nan state-required compensation totals for its different executives successful May but did not see Woods’ pay. At nan time, an Atrium spokesperson said Woods’ compensation would look successful Advocate Health’s 990 taxation filing, which was owed Nov. 17 this year..

The Ledger/NC Health News has been requesting nan filing since Nov. 15. Federal rule requires nonprofits to supply a transcript of their 990 instantly if personification asks for it successful person, but nan infirmary was incapable to nutrient nan archive erstwhile a newsman went to Advocate’s office connected Monday. Advocate emailed nan filing connected Tuesday afternoon.

Woods’ compensation leap reflects a broader inclination of nonprofit healthcare systems paying their apical executives handsomely. Critics opportunity nan compensation is difficult to justify for nonprofit systems that person millions successful authorities and national taxation exemptions, and they reason that nan increasing spread betwixt CEO salary and frontline worker salary undermines their public-service mission.

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