Stevens Hospital chief gets 6.4 percent raise

Published 10:54 pm Wednesday, July 25, 2007

EDMONDS – Michael Carter, the chief executive of Stevens Hospital, has received a 6.4 percent annual raise, bringing his annual base salary to $364,434.

The raise was effective July 1. His previous annual salary was $342,500.

In addition, the Stevens Hospital board has given Carter $49,401 in extra pay for reaching goals set for him when he was hired a year ago.

These included improving the hospital’s financial outlook, strengthening relations with area physicians and meeting with hospital employees and community groups.

The tax-supported hospital ended last year with a $1.25 million profit, its first profit in four years. In 2005, it had a loss of $889,000.

Board President Fred Langer said he and other members of the hospital board want to provide Carter a salary package competitive with what chief executives at similar-size hospitals are paid.

“Even though he has a good salary, it is in the middle of the pack when compared to his peers,” Langer said. “I don’t think anyone could make a legitimate criticism that he is overpaid.”

When Carter was hired in June 2006, his contract called for him to receive a base salary of $342,500 and be eligible for up to $102,750 in extra pay for reaching specific goals. His benefits package added another $95,000 to his salary.

Before Carter was hired last year, Clark Consulting, based in Minneapolis, said the hospital could expect to pay between $500,000 and $600,000 in annual salary and benefits for its new chief executive, based on results of a salary survey.

Reporter Sharon Salyer: 425-339-3486 or salyer@heraldnet.com.