H. Edward Hanway

74077807AW010_Business_Lead

  • Chairman, President, and Chief Executive Officer, CIGNA Corporation1
  • Consistently ranked on Forbes’ list of Highest Paid CEOs23 4
  • Estimated total pay of more than $150 million since becoming CEO of CIGNA5

Overview

Edward Hanway was born in 1951.  He received a B.A. from Loyola College in Maryland in 1974 and later earned an M.B.A. from Widener University in 1984.  Mr. Hanway is now a Trustee of Loyola College.6

Hanway joined Insurance Company of North America (INA), a CIGNA predecessor company, in 1978 as assistant controller, and was appointed to management and executive roles of increasing responsibility through the merger in 1982 of INA and Connecticut General, which formed CIGNA. Since 1999, he has acted as a a Director of CIGNA.  In January of 2000, Mr. Hanway became Chief Executive Officer of CIGNA.  Later that year, in December of 2000, he was elected Chairman of the Board.  Hanway also served as President of the company from 1999 until 2008 and Chief Operating Officer from January 1999 until January 2000. Mr. Hanway served as President of CIGNA HealthCare from 1996 until 1999 and President of CIGNA International from 1989 until 1996.7

While serving as CEO, Chairman, and President of CIGNA, Hanway is estimated to have earned over one-hundred million dollars in compensation.  Mr. Hanway is consistently listed on the Forbes list of the Highest Paid CEOs.8 9  Many of these instances saw Hanway towards the top of these rankings.  In 2006, Mr. Hanway was listed by Forbes as 25th highest paid CEO for having received $28.82 million in executive pay.  Over the previous five years, the article lists Hanway’s accumulated earnings as being more than $78.31 million.10  In 2007, Hanway was ranked 28th on the list.11  His 2009 entry described his payouts in the past five years as totaling more than $121.35 million.12

On June 24, 2009, CIGNA Corporation announced that H. Edward Hanway, the Company’s Chairman and Chief Executive Officer, plans to retire from the Company and the Company’s Board of Directors, effective December 31, 2009.13

Lobbying and Front Group Connections

Mr. Hanway serves on the board of directors of the Alliance for Health Reform, a front group for health management organizations and pharmaceutical companies.  Several members of the board have formerly held high-level positions within HMOs and drug companies.  Two leading board members, Representative Susan M. Collins of Maine and Senator John D. (Jay) Rockefeller IV of West Virginia both receive substantial funding from the health care industry. 1415 The Alliance’s site maintains a list of “experts” who may be called upon for specific issues, many of which are employed by existing health care companies and HMOs.

Hanway is also past chairman of the Council for Affordable Quality Health Care, another front group for health management organizations and private health care providers which promotes “industry collaboration”.  The council’s corporate membership includes some of the most profitable companies in the health care industry.16

Mr. Hanway is also a member of the Business Roundtable, one of the primary organizations organizing and promoting collaboration within the corporate community.  The Business Roundtable is a group comprised of the CEOs from “leading U.S. companies with more than $5 trillion in annual revenues and nearly 10 million employees.”17

Share this:

facebooktwitterredditlinkedinmail

Source notes:

A D V E R T I S E M E N T

Leave a Reply

Your email address will not be published. Required fields are marked *