Molina Healthcare has amended the contract of president and CEO Joe Zubretsky with the aim of keeping him at the payer through at least the end of 2027.
Mr. Zubretsky, 67, joined Molina in 2017 as president and CEO, according to an Aug. 20 news release. He joined the payer from The Hanover Insurance Group, where he served as president and CEO. He also previously served as Aetna's CFO from 2017 to 2013.
Under the amended contract, Mr. Zubretsky was awarded a special one-time stock grant that will vest at the end of 2027 contingent upon the achievement of certain financial targets. His annual compensation will remain unchanged.
Mr. Zubretsky earned a base salary of $1.5 million in 2023 and received $21.5 million in total compensation.
"Under Joe’s leadership we have the right strategy, great execution and have created significant value for shareholders," Molina's board chairman Dale Wolf said in the release. "We are delighted that Joe will be at the helm for the foreseeable future to continue to do so."