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<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Robert Frank, City Editor frank@heraldnet.com   Published: Monday, June 29, 2009 Stevens Hospital executive's contract extended By Sharon Salyer Herald Writer EDMONDS -- Stevens Hospital, which is facing big changes, has a chief executive whose contract was about to expire. So the five-member hospital board has approved a contract extension for its top executive, Michael Carter. His contact called for the board to give him notice of its intent by July 1. Carter's new contract calls for up to 18 months of severance pay if board members decide they want to replace him with another executive and have no cause for dismissing him. The contract extension was approved unanimously by the board. The idea behind the contract extension is to encourage Carter to remain with the organization as it considers its future, said Chuck Day, hospital board president. "We feel that he has done a very good job," Day said. "We don't want to lose him or his administrative team." Board member Fred Langer agreed. The contract extension "protects us from (Carter) being poached by another organization," he said, and "provides continuity for the foreseeable future." Stevens is considering whether to enter into new business arrangements with other health care organizations, part of an overall plan to chart the future of the taxpayer-supported hospital. Board members have applauded the hospital's financial performance under Carter's leadership. The hospital earned $5 million in overall profit last year, the best financial report from the taxpayer-supported hospital in 14 years. Carter, who was hired on July 1, 2006, now has an annual base salary of $383,931. He has received annual raises the last two years of 6.4 percent in 2007 and 5.3 percent last year. He also can earn incentive pay of up to 30 percent of his base salary for meeting specific financial and patient satisfaction goals. His incentive pay in 2006 was $49,401 in 2006 and $54,119 in 2007. In March, the hospital board awarded Carter $103,666 in incentive pay that will be paid when year-end audits of the hospital are complete. Carter also receives a $6,240 annual car allowance, according to hospital documents. Consultants have told the hospital that this type of pay and benefits package is typical for top hospital administrators. Reporter Sharon Salyer: 425-339-3486 or salyer@heraldnet.com READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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