ATLANTA,None — Channel 2 Action News has learned that Grady Memorial Hospital is giving its CEO a nearly $300,000 bonus, bringing his total compensation this year to more than $900,000.
Grady Corp. Board Chairman Pete Correll acknowledges there's likely to be criticism, but told Channel 2 Action News investigative reporter Richard Belcher that hiring CEO Mike Young was one of the greatest investments he has ever made.
But some critics are bound to target the Grady Corp.'s decision to give the sometimes controversial CEO a $298,000 performance bonus. That's on top of his $615,000 salary.
However, Correll said when you look at the numbers in addition to the improvements at Grady under Young's leadership, the bonus is reasonable in his opinion.
"If somebody says I can make you $60 million, but it'll cost you $300,000, that's a wonderful trade-off I'd like to do for a living," said Correll.
Correll admits that Grady couldn't operate without the roughly $70 million dollars it will get from Fulton and DeKalb counties this year, but he said that the hospital more than discharges its responsibilities to treat indigent patients from those two counties.
"We set Mike's goals that said if you have a $25 million cash improvement in 2009 over 2008 … that will be your target. We had a $60 million improvement," said Correll.
Correll said Young's compensation is still less than, say, the CEOs at other local medical centers such as Emory or Piedmont. But he accepts that salaries and bonuses that far exceed those of average families always attract attention -- and critics.
"You know there are some things you just can't explain to people. Why does Chipper Jones make $15 million dollars a year for fielding ground balls?" said Correll.