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February 08, 2013

N.C. Nonprofit Hospital System Paid CEO $4.76-Million

The chief executive of the Carolinas HealthCare System received $4.76-million in wages, bonuses, and benefits in 2012, and nine other executives with the North Carolina-based network earned at least $1-million, reports the Charlotte Observer.

Releasing data this week on executive compensation, as it is required to do by state law, the Charlotte-based system said the payouts were "performance-based" and reflected the system's growth, profitability, and meeting of performance goals.

CEO Michael Tarwater's pay reflected a 12-percent increase over 2011, and most top executives received raises of more than 8 percent. Carolinas HealthCare, the second-largest public hospital system in the country, operates 38 hospitals in North and South Carolina and has raised its annual revenue from $4.1-billion to $7.5-billion in the last five years.