SIOUX FALLS, S.D. (AP) — Internal Revenue Service filings show former Sanford Health CEO Kelby Krabbenhoft was paid more than $49 million in salary, severance, and other payouts last year.
Krabbenhoft left Sanford last year after nearly a quarter-century, receiving a combination of salary, incentive-based pay, severance, and two lump-sum payouts from supplemental executive retirement plans.
Reports say about $15 million was paid as severance and another $29 million was given through the retirement plan, which was started in 1983 specifically for Sanford’s executives.
The amount paid to Krabbenhoft upon his departure is shown on the regional health system’s IRS form 990, which is filed annually.