CEO Paywatch: UnitedHealth exec took home $23.8 million in 2022

The Minnetonka-based health insurance and managed care company earned $20.4 billion in 2022 on revenue of $324.2 billion. Earnings and revenue climbed 16% and 13%, respectively. Its shares had a positive 7% total return when most companies saw share price declines in 2022.

Andrew Witty

UnitedHealth Group

Chief executive officer

Note: Previously issued stock options whose value has accumulated throughout the years are what often drive executive pay packages at UnitedHealth. The options, considered long-term incentives to direct company performance, have fueled big paydays in the past for UnitedHealth executives.

For the second-consecutive year, Witty did not exercise any of his previously issued stock options. He also realized less in 2022 from restricted shares that vested, which helped to reduce his overall compensation 10% from his 2021 total of $26.5 million.

This year, only one of the five named executive officers exercised options as UnitedHealth's shares had a total return of 7%. That return was better than broad market indexes, which had their worst years since 2008, but executives with options not set to expire might have been waiting for market conditions to improve.

Beyond the usual topics up for vote at the company's annual meeting June 5, shareholders have submitted three additional proposals for votes, requesting: an audit on racial equity, an annual report on political contributions and the right to vote on the termination pay packages for executives.

The board of directors urged shareholders to vote against each of the additional shareholder proposals.