FF hospital officials clarify CEO compensationPublished 9:39am Tuesday, December 31, 2013 Updated 11:45am Tuesday, December 31, 2013
Lake Region Healthcare released the following statement in regard to the article on CEO Larry Schultz that appeared in the Monday, Jan. 30 Journal:
“The CEO compensation listed in this year’s report is skewed and requires clarification for accuracy. The misrepresentation is tied to the fact that a portion of the LRH CEO compensation each year is “at risk” incentive compensation and is not paid until approved by the Board of Trustees based on the previous year’s performance.
“The information published in this article is from the 2011 Form 990. In 2011’s 990 report, the LRH CEO compensation includes two years of at-risk compensation – for both 2010 and 2011. Therefore the reported one-year percentage change is inaccurate. It should be further noted that wages paid to all LRH employees, including the CEO, are based on market rates.”