Reductions in stock options and bonuses caused Boston Scientific CEO Ray Elliott's pay to plummet 86 percent in 2010 to $4.7 million. The CEO earned $33.4 million the previous year.
Elliott, the former head of Zimmer Holdings, joined BS in the second half of 2009. At that time he was granted $1.5 million sign-on bonus as well as $14.2 million in stock awards--salary that was not part of his 2010 pay package. The company's board of directors noted that the hefty stock award accounted for three years' worth of payment, and that no other awards will be granted before his third anniversary with the company. The CEO also got $1.3 million towards relocation and other expenses in 2009; that number dropped to $375,000 last year. Elliott did see some increases, however. His base salary grew to $1.2 million (double his previous $600,000 half-year salary) and his performance-based bonus shot up to $1 million.
The Associated Press notes that the Natick-based device company is still paying off its $27 billion acquisition of Guidant in 2006, and is also faced with flagging defibrillator and stent sales. Since joining the company Elliott has reduced Boston Scientific's workforce by 10 percent.
- here's the report for more