Medtronic CEO gets $9.6M in compensation

Medtronic CEO William Hawkins got $9.6 million in compensation during fiscal year 2010--up from more than $9 million the previous year, according to an SEC filing.

Hawkins' base salary, like all named executive officers in the filing, decreased 5 percent during FY 2010 "due to the current economic and business environment." However, these salaries were subsequently increased to restore the reduction for FY 2011 for Hawkins and three other officers, the filing notes. His stock awards totaled $2.85 million, while his option awards were just over $2.7 million.

Hawkins' total compensation increase in FY 2010 of $553,778 "primarily relates to higher payouts from incentive-based compensation and an increase in the valuation of his pension," the filing adds.

Medtronic reported revenue of $15.8 billion in 2010, up from $14.6 billion in the previous year, the Minneapolis/St. Paul Business Journal notes.

- get the SEC filing
- see the Minneapolis/St. Paul Business Journal report