Cigna awards employees five shares of stock, benefits
One-time award to 40,000 employees reinforces ownership in the company and its future, Cigna says.
Cigna has signaled it is moving on after its breakup with Anthem in a decision Thursday to award employees five shares of Cigna stock.
The one-time award to 40,000 employees reinforces ownership in the company and its future, Cigna said.
Cigna is also offering U.S. employees four weeks of paid caregiver leave to support child bonding, caring for a seriously ill family member, and for military support leave.
Employees working outside of the United States will receive expanded maternity and paternity leave, a minimum of 12 weeks of full paid maternity leave, and four weeks of paid paternity and adoption leave.
Cigna is moving forward from a position of strength, said CEO and President David M. Cordani.
"The stock award to our co-workers reinforces an even greater sense of ownership in our company as we continue to pursue our mission of improving the health, well-being and sense of security of the people we serve." Cordani said.
The special global stock award and new benefits recognize Cigna employees' accomplishments and their ability to stay focused on customers in what has been both a dynamic and disruptive environment over the past several years, Cigna said.
In the statement, the insurer did not mention its recently-ended, two-year relationship with Anthem.
Earlier this month, Anthem signaled the end of its pursuit of a $54 billion merger with Cigna that began with a signed contract agreement in July 2015.
During a lengthy litigation process that went against the merger, documents came to light that showed the two insurers were feuding and accusing each other of breaking the terms of their contract. Anthem tried unsuccessfully to keep Cigna in the deal past the contracted date as it asked the Supreme Court to review the appeals court decision against the merger.
On May 12, Anthem said it would terminate the deal, but it would also not pay Cigna the $1.8 billion breakup fee stipulated under the terms of the contract.
[Also: UPDATED: Anthem terminates merger agreement with Cigna, won't pay break-up fee]
Cigna's new benefits signal the depth of investment in the Cigna team and will help employees balance work with personal and community interests, the company said Thursday.
In addition, Cigna is introducing the Community Ambassador Fellowship program, which offers eligible employees an opportunity to take a sabbatical-style paid leave from work to improve life in communities where they work and live by supporting projects that exemplify Cigna's mission.
Program participants will be selected through a competitive application process. Up to 12 employees will be selected every year for a one- to three-month fellowship, and employees will receive full salary and benefits plus up to a $20,000 stipend to support their community work.
Twitter: @SusanJMorse
