2013 pay: $10.8 million
2012 pay: $10.8 million
Michael Mahoney stood at the bottom of a steep slope after assuming the CEO position at Boston Scientific ($BSX) in 2012. The company faced declining sales and shrinking revenue, not to mention lingering debt from its $26 million Guidant acquisition a few years back. Mahoney formulated a turnaround plan in response, focusing on job cuts, M&A and new technologies to swing the company's numbers northward.
Boston Scientific shed thousands of jobs in 2013, trimming costs and reducing net losses along the way. The company also bought into up-and-coming areas like electrophysiology, patient monitoring and renal denervation areas, and focused on expanding its offerings to emerging markets. In May 2013, Boston Scientific won a CE mark for its deep-brain visualizer system, and launched its Cognis defibrillator in China the following month. In December, an FDA advisory panel voiced its support for the company's Watchman stroke-fighting device, moving the product one step closer to full regulatory approval.
For the time being, it looks like Mahoney's strategy could be paying off. In July, Boston Scientific's stock closed at $10.83 per share, more than 100% higher than its $5.22 closing price the year before. The company booked solid gains for the rest of 2013, with $1.8 billion in sales for Q4 and a net income of $108 million. Mahoney said earlier this year that he is counting on deals, restructuring and device approvals to keep the company moving forward.
Mahoney collected a base salary of $900,000 in 2013, with $6.6 million in stock awards, $1.8 million in options, and $1.2 million in nonequity incentives. -- Emily Wasserman (email | Twitter)
- read Boston Scientifc's proxy statement
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