Executive Gets Multimillion-Dollar Send-Off
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Speaking of money, corporate filings show that health-care executive Timothy M. Aitken received $5.5 million in compensation last year.
Not bad for a guy who departed Costa Mesa-based Apria Healthcare Group Inc. before the year was out. So how did he do it?
Aitken was chairman and chief executive of Abbey Healthcare Group Inc. when it merged last June with its Orange County rival, Homedco Group Inc., to form Apria. Aitken became Apria’s vice chairman and president. But he left the job within five months--and received a $1.8-million severance.
On top of that, he received $3.1 million in bonuses and $317,000 in salary. The company also forgave the principal and interest that Aitken still owed on a $1.25-million loan Abbey had extended to him in 1992, according to Apria’s proxy statement on file with the Securities and Exchange Commission.
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Barbara Marsh covers health care for The Times. She can be reached at (714) 966-7762 and at [email protected].
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