2014 pay: $12.1 million
2015 pay: $39.4 million
Medtronic ($MDT) CEO Omar Ishrak didn’t waste any time in 2015 after the company’s deal with Covidien closed. The med tech helmsman steered the company toward growth and promised cost savings from the acquisition.
The company is on track to meet its goal of saving $300 million to $350 million from acquiring Covidien, Ishrak said late last year on a Q1 2016 earnings call. Medtronic has already shuttered redundant facilities, and now it’s looking for opportunities for synergy, Ishrak said.
A particular area of interest is peripheral vascular. Medtronic picked up Covidien’s drug-coated balloons through the acquisition, and the company plans to leverage the company’s neurovascular unit to bolster its restorative therapies group, Ishrak said last year.
Ishrak also led Medtronic through expansion on the R&D front. In 2015, the company got FDA approval for its second-generation TAVR, giving it ammo against rival Edwards Lifesciences ($EW). Medtronic is also working on robotic surgery devices to compete in a fast-growing market.
Even though Medtronic has stayed quiet on the M&A front lately, more deals could be on the horizon. “We remain disciplined when evaluating potential M&A opportunities,” Ishrak said in September. “Any investment we must make, any investment we make must be aligned with and ultimately strengthen one or more of our three growth strategies while at the same time offer high return metrics and minimize near-term shareholders dilution," he said.
Ishrak’s $39.4 million pay in 2015 included $1.5 million in base salary, $3.5 million in stock awards, $3 million in options, $5.6 million in non-equity incentives and $25.5 million in “other compensation.”
- here’s Medtronic’s proxy statement
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