Lawrence Memorial Hospital Chief Executive Officer Gene Meyer will receive a $100,000 raise after the nonprofit hospital posted its strongest financial performance in memory.
LMH board members on Wednesday agreed to raise Meyer's salary to $395,000 per year. The approximately 33 percent raise comes after the hospital's operations generated revenues that were $10.3 million greater than the hospital's expenses in 2006. That was an increase of nearly 40 percent from the previous year.
Donna Osness, vice chairwoman of the board, said the board consulted several hospital compensation studies to determine the appropriate pay for Meyer, who has been the top executive at LMH for the past 10 years.
"It is essential that our CEO's pay is competitive," Osness said. "It is difficult to find a good CEO, and we have a great CEO. CEOs with Gene's experience often earn $375,000, even up to $600,000."
Meyer's evaluation comes as the hospital is wrapping up an $8 million private fundraising campaign to help finance a $45 million expansion of the hospital. The hospital will be celebrating the completion of the campaign at a public open house from 4:30 p.m. to 6:30 p.m. Friday at LMH, 325 Maine.
LMH board members unanimously approved Meyer's raise, although board chairman Lindy Eakin was not at the meeting.