2014 pay: $24.9 million
2015 pay: $23.7 million
2015 was a dismal year for Johnson & Johnson’s ($JNJ) medical device business, and CEO Alex Gorsky’s pay also took a beating. The CEO’s total pay dropped from $24.9 million to $23.7 million amid lagging sales for its medical device products.
But Gorsky earlier this year revealed a plan to get things back on track. In January, J&J said that it would ax about 3,000 jobs in its medical devices division to save up to $1 billion in costs by 2018.
Gorsky also steered the company toward R&D to revive its medical device unit. J&J has rolled out diabetes products to boost business. In November, the company unveiled the first major blood glucose monitor to support the Apple HealthKit, a feather in its cap as it gains ground in the field.
Under Gorsky’s stewardship, J&J has also submitted more than half of the 30 major device regulatory filings that it promised to accomplish by the end of 2016.
Innovation will play a bigger role than dealmaking in J&J’s medical device future, Gorsky said earlier this year at the J.P. Morgan Healthcare Conference. Still, some analysts think it’s only a matter of time before J&J embarks on its next big deal.
Gorsky’s $23.7 million pay in 2015 included a $1.6 million base salary, $10.6 million in stock awards, $4.5 million in options and $4 million in non-equity incentives.
- here’s Johnson & Johnson’s proxy statement