Thursday, April 24, 2014
Inquirer Daily News

Santorum quits $168,000/year part-time post at US-funded co.

Ex-US Sen. Rick Santorum is quitting the board of Universal Health Care, King of Prussia, as part of his longshot Presidential campaign.

Santorum quits $168,000/year part-time post at US-funded co.

Rick Santorum, the US Senator (R-Pa.) voted out of office by Pennsylvanians in 2006, has quit his post as a member of the board of directors of Universal Health Services Inc., a  for-profit mental-health hospital chain that relies on taxpayer-funded programs for 38% of its revenues, "as a result of his recent and formal announcement" that he's running for President of the US, Universal said in a statement.

Santorum is saying good-bye to a post that paid him $168,000 in cash and stock last year for attending board and compensation committee meetings, where his duties included approving a $10 million CEO cash, stock and insurance compensation package for Universal boss Alan B. Miller. 

Universal relied on taxpayer-funded Medicare and Medicaid payments for 38% of its $5.6 billion in revenues last year, according to the company's annual report. The company collected profits totalling $230 million.


Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

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