Omar Ishrak - Medtronic

2013 pay: $8.9 million
2012 pay: $25 million

It was a difficult year for Medtronic ($MDT), as the company struggled with legal woes and a newly implemented device tax. Despite regulatory hurdles and a difficult reimbursement environment, CEO Omar Ishrak remained committed to investing in new therapies, emerging markets and independent solutions--three areas that would deliver "consistent and dependable growth," Ishrak said in the company's Q4 earnings statement.

Medtronic continued its global trek last fall by partnering with one of India's largest healthcare providers to develop a portable kidney dialysis system. In October, a Morningstar analyst report named Medtronic the top med tech outfit poised for growth in China, adding more fuel to Ishrak's global expansion plans. International revenues accounted for 47% of the company's Q4 sales.

Still, matters at home continued to plague Medtronic in the midst of its global efforts. The company faced an ongoing patent battle with rival Edwards ($EW), and obstacles in developing renal denervation therapy--not to mention the 2.3% device tax that Ishrak said would cost the company an estimated $180 million a year. Earnings suffered as a result, with a 54% drop year-over-year in Q4.

However, the company could be headed toward calmer waters. Medtronic settled its longstanding patent battle with Edwards earlier this year and picked up a string of regulatory approvals for its cardiac devices.

Ishrak took home quite a sum in 2012 after being lured from GE Healthcare ($GE), with a one-time signing bonus and some make-whole equity compensation totaling $17.8 million. The CEO's 2013 pay was markedly lower without the extra cushion, with $1.4 million in base pay, $2.8 million in stock awards, another $2 million in options and $2.4 million in nonequity incentives. -- Emily Wasserman (email | Twitter)

- read Medtronic's proxy statement

For more:
Medtronic kicks off another renal denervation trial as competitors lag behind
Medtronic's CEO says poor trial results push Symplicity's U.S. approval timeline 'off the table'
Medtronic's Ishrak: Day-to-day business takes precedence over device tax angst
German court upholds Medtronic's CoreValve heart pump patent
Medtronic's revenue grows on international success

Omar Ishrak - Medtronic