Report: Medtronic's Ishrak takes home $25M in first year

Medtronic CEO took home $25 million in his first year--courtesy of Medtronic

In his first year as CEO of Medtronic ($MDT), Omar Ishrak pulled in a total compensation of $25 million, the Pioneer Press reports.

Ishrak joined Medtronic last year after serving as CEO of GE Healthcare, walking away from $16 million in stock-based pay in the process. This week's filing, however, shows that he has done pretty well for himself, regardless. Ishrak took in a base salary of $1.2 million, augmented by $1 million in incentives and about $23 million total in stock and awards, according to MassDevice.

Ishrak's haul is considerably higher than that of his predecessor, William Hawkins, who netted about $9.3 million--including a severance check--in his last year at Medtronic's helm. Much of the disparity comes in "make-whole" awards designed to compensate for the cash Ishrak left on the table at GE, but the other incentives were likely triggered by Medtronic's performance during his brief tenure.

The company reported revenue growth in three quarters of 2011, boosted by the big-selling Resolute stent and significant growth in diabetes-treating devices. Furthermore, the company is optimistic of its future with Ishrak. Medtronic is leading the race to get hypertension-treating techs onto U.S. shelves, and, with about $2 billion in hand, Ishrak has said the company is eyeing overseas acquisitions to further expand its market share.

- check out the SEC filing
- read the Pioneer Press report
- get more from MassDevice

Special Report: Top 10 Medical Device Industry CEO Salaries for 2011

Suggested Articles

The FDA has authorized its first COVID-19 antibody test for use in doctors' offices, urgent care centers and emergency rooms.

The clinical testing giant LabCorp will now begin rolling out a blood test for lung cancer developed by Resolution Bioscience.

Cognoa aims to equip pediatricians with an AI-powered app that can spot the signs of autism, allowing them to diagnose in the doctor's office.