February 02, 2021

Washington Post: Sen. Warren calls Genesis Healthcare executive bonus act of ‘unfathomable greed’

Nursing home chain gave former CEO $5.2 million payout while residents died and the company collected federal aid

A nursing home chain that gave its former CEO a $5.2 million “retention payment” at the height of the pandemic has received a sharp rebuke from Sen. Elizabeth Warren (D-Mass.), who sits on the Senate’s Special Committee on Aging.

Warren called the payout by Genesis Healthcare to George Hager Jr. — at a time when the death toll among residents was approaching 2,800 and the company was relying on federal emergency aid to survive financially — “inexplicable and unseemly” in a letter dated Jan. 27. She asked the company board to explain its decision and to provide the minutes of all meetings in 2020 where compensation was discussed. And she warned the company not to seek additional emergency relief from Washington.

Hager was awarded the payment in October. He retired less than three months later, when he was given an additional $650,000 bonus and a three-month, $300,000 consulting contract.


Read the full article here.

By:  Will Englund
Source: Washington Post