Novant Health CEO’s total compensation increases to over $5 million

WILMINGTON, N.C. (WECT) - Novant Health President and CEO Carl Armato had a total compensation of over $5 million in 2022, according to the nonprofit health system’s most recent form 990.

Armato’s base salary rose from $2.03 million to $2.26 million between 2021 and 2022, while his bonus and incentive compensation rose from $1.62 million to $1.72 million.

Over three years, his total taxable compensation went from $4 million (2020) to $4.41 million (2021) to $4.89 million (2022), and he accrued another $418,300 in deferred compensation for a total of $5.3 million in 2022. Deferred compensation, such as retirement money, isn’t taxed until it is received.

The next highest paid executive is Executive Vice President and COO Jeffery Lindsay, whose total taxable compensation increased from $2.32 million in 2021 to $2.43 million in 2022.

Executive Vice President and Chief Business Development Officer John Gizdic’s total taxable compensation increased from $1.52 million (2021) to $2.24 million (2022). Gizdic also accrued $215,040 in 2022 of deferred compensation.

Gizdic is now the third highest executive at the health system, a spot formerly held by Fred Hargett who had $2.24 in taxable compensation in 2021 and later departed Novant. Hargett is now working at UPMC.

You can find the full list of executives compensation for 2022 online on the Novant Health website, and you can find two previous form 990s here.

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