Cone parent company Risant pays top executive $9.64 million total 2024 compensation
The parent company of Cone Health, Risant Health, has disclosed its executive pay for fiscal 2024, with chief executive Jaewon Ryu receiving total compensation of $9.64 million.
Risant acquired Cone Health in December 2024 with a capital investment pledge valued at $1.7 billion as part of the transaction. The Washington, D.C.-based nonprofit charitable group serves as the sole corporate member of Cone.
Ryu received $1.28 million in base salary, $3.93 million in bonus/incentive pay and $4.26 million in retirement and other deferred compensation.
Cone has more than 13,000 employees, more than 700 physicians and about 1,800 partner physicians.
The timing of Risant's acquisition of Cone means there likely won't be a fiscal 2024 executive compensation report from Cone. The latest Cone Internal Revenue Service Form 990 filings at www.candid.org are for 2023.
Not-for-profit healthcare system executive compensation disclosures are typically at least 17 months old when they become available.
Risant is affiliated with California-based Kaiser Permanente, which is seeking to form a national network combining insurance and healthcare.
The Risant report lists Kaiser Permanente Chairman Gregory Adams receiving a base salary of $2.19 million, $9.35 million in bonus/incentive pay, and total compensation of $12.98 million.
Risant listed the compensation of the next five top executives for 2024, including chief legal officer Vanessa Benavides, who received a base salary of $741,798. $1.07 million in bonus/incentive pay and total compensation of $2.62 million.
Treasurer Thomas Meier received $607,8688 in base salary, $766,177 in bonus/incentive pay and a total compensation of $1.64 million.
Chief Financial Officer Bryce Bach received a base salary of $217,501. $300,000 in bonus/incentive pay and total compensation of $979,169.
Risant told the Wall Street Journal it plans to acquire another four or five health systems by 2030.
Cone executive transition
Cone Health named Dr. Paul Krakovitz as its president and chief executive on March 16, succeeding Dr. Mary Jo Cagle, who stepped down in May 2025 to address what the system calls "a serious family health matter."
Bernie Sherry served as Cone's interim chief executive until Krakovitz's appointment.
Krakovitz previously served as an executive-in-residence at Cressey & Co., an investment firm based in Park City, Utah, with a focus on healthcare systems.
Krakovitz is a pediatric ear, nose and throat physician.
He spent 14 years at the Cleveland Clinic, serving as vice chairman of surgical operations and hospital operations, and as chief of pediatric otolaryngology and otolaryngology/head and neck surgery.
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