UPMC CEO Romoff's salary hits $4.45 million
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Jeffrey Romoff, president and CEO of the University of Pittsburgh Medical Center, made $4,448,181 in salary for the 2007-08 fiscal year, an increase of more than 12 percent from his salary from the previous year -- which was nearly a 20 percent raise from the year before that.
In addition, Mr. Romoff received more than $72,000 in benefits, according to a tax filing yesterday by the nonprofit health system to the Internal Revenue Service. The complete filing is on UPMC's Web site, www.upmc.com, under the "About UPMC" and "Financials" links.
By comparison, an IRS survey of executive compensation released earlier this year found that top officials at hospitals with more than $500 million in revenue averaged $1.09 million in compensation.
According to the tax document, UPMC made more than $190 million in 2007-08.
Mr. Romoff's compensation package would rank about 25th among CEO's of Pittsburgh-based public companies. Last year, top officials at 50 local employers with large work forces made an average of $11.5 million including benefits.
Because the filing is through June 30, 2008, it does not reflect the financial hit that UPMC and other hospitals have taken since the economy took a serious downturn, resulting in a layoff of about 500 of UPMC's 50,000 employees.
Earlier this year, Mr. Romoff took a 25 percent reduction in compensation as the region's largest health system looked for ways to cut costs, and other senior executives also took pay cuts.
Among the biggest salaries of 2007-08 was the $2.39 million paid to former senior vice president and legal counsel George Huber.
Others paid in excess of $1 million included Dr. Amin Kassam, chief of the Department of Neurosurgery, $1.46 million; Executive Vice President Elizabeth Concordia, $1.45 million; Robert Cindrich, senior vice president and chief legal counsel, $1.17 million; Daniel Drawbaugh, UPMC's chief information officer, $1.07 million; and Diane Holder, president of UPMC Health Plan, $1 million.
Beginning next year, the IRS will require more detailed information about executive compensation, including a declaration of how many people earn more than $100,000 and whether top executives traveled first-class.
First Published May 16, 2009 12:00 am
