David Wichmann, the outgoing CEO of UnitedHealth Group, will receive pay for two years after his departure, according to a Feb. 2 filing with the Securities and Exchange Commission.
Mr. Wichmann retired as CEO of UnitedHealth Group Feb. 2. He will stay with the organization in a transitional role until March 31.
"As a result of Mr. Wichmann's lengthy and successful tenure with the company, he has met the definition of retirement set forth in his previously granted equity awards, which will continue to vest in accordance with their terms, similar to equity awards granted to other employees," the company said in the filing. "For a two-year period, Mr. Wichmann will also receive payments approximating his most recent base salary and non-equity incentive compensation award."
Mr. Wichmann's exit pay and benefits are similar to severance benefits outlined in his employment agreement, according to Bloomberg. The severance benefits are two times base salary and bonus compensation. In 2019, Mr. Wichmann's salary was $1.4 million, and he received $4.5 million in bonus compensation, according to proxy filings cited by Bloomberg.
Mr. Wichmann joined UnitedHealth in 1998. He has held the CEO position since 2017.