Aetna CEO could get $88 million parachute

Aetna CEO Mark Bertolini could walk away with at least $88.3 million if he's terminated after CVS Health Corp. buys the insurer.

Bertolini holds equity awards valued at $71.9 million at the CVS deal's $207 offer price that would vest immediately if he's let go within two years of a transaction, according to data compiled by Bloomberg.

He's also entitled to about $6.72 million in severance and had accumulated $9.72 million in deferred compensation and pension as of Dec. 31.

Aetna will operate as a stand-alone business within CVS and be run by members of Bertolini's team. He will give up his executive duties and join the board of the combined entity, T.J. Crawford, a spokesman for the insurer, said in an email. He declined to comment on the compensation package.

The package is rich compared to what Bertolini's peers could receive under similar circumstances. UnitedHealth Group Executive Chairman Stephen Hemsley, who had served as CEO until Sept. 1, would have been paid $53 million if he was let go after a deal as of Dec. 31. Cigna Corp.'s David Cordani and Humana Inc.'s Bruce Broussard would have gotten $51.5 million and $49.5 million, respectively.