SIOUX FALLS, S.D. (KELO) — Sanford Health’s current CEO and President Bill Gassen sent out an email to all employees Monday letting them know the settlement information was becoming public.
In his letter, Gassen wrote each year, Sanford Health is required to file an IRS Form 990 that provides an overview of the organization’s activities, governance and detailed financial information.
Gassen says ”While employee separations are confidential, I would like to honor my commitment to transparency to the greatest extent possible and provide some context to the news that will become public later today.”
Gassen says the information regarding Krabbenhoft’s compensation released in Monday’s filing will raise questions.
He says the majority of compensation paid to Krabbenhoft was contractually obligated as part of retirement plans over his 24-year tenure.
The remainder was Krabbenhoft’s annual compensation and a severance agreement.
Gassen told employees Krabbenhoft’s compensation was reviewed annually by a nationally recognized independent firm and outside legal counsel to ensure it was reasonable and competitive.
The letter closes out by saying these payments conclude Sanford Health’s financial obligations to Krabbenhoft.
You can read the entire letter for yourself; click here to read it.