Topic: Medical device CEO pay
Med tech CEOs made out okay in 2015. Altogether, CEOs from top companies got more than $180 million in pay last year.
2015 was a transitional year for Zimmer after its $13 billion merger with Biomet closed. Zimmer Biomet, under the stewardship of CEO David Dvorak, promised $350 million in pretax net synergies by year three of the new company, with $135 million of those savings during the first year.
Boston Scientific CEO Michael Mahoney led the company through a pivotal year in 2015, and took home more dollars for his hard work. Under Mahoney’s direction, the company eked out just over 1% of sales growth in 2015, but also notched key deals and partnerships to boost its offerings. Now, with recent progress in tow, Boston Scientific is planning a makeover.
Becton Dickinson CEO Vincent Forlenza had a lot on his plate last year after the company announced in 2014 that it would snatch up CareFusion in a $12.2 billion deal. But Forlenza helped chart progress during the company’s first combined year, including revenue growth of 5.3% and double-digit earnings growth.
A couple years ago, C.R. Bard CEO Timothy Ring revealed a strategic investment plan to drive the company toward growth. Under Ring’s stewardship, the company delivered on that plan in 2015 with a 3% increase in revenue.
2015 was a big year for Cardinal Health, and with CEO George Barrett at the helm, the company made some big moves. In early 2015, Cardinal said it would buy Johnson & Johnson’s Cordis vascular device unit to build out its med tech offerings.
Robert Parkinson had a lot on his plate during his last year as Baxter’s CEO in 2015. The med tech helmsman oversaw a spinout of the company’s biopharma business, Baxalta, before former Covidien CEO Jose Almeida took the reins in 2016.
In 2015, Abbott said that it was keeping its eye out for potential deals. Under the careful watch of CEO Miles White, the company built on that momentum to strike some important deals in 2016.
Last year, General Electric CEO Jeffrey Immelt decided to steer the company toward heavy-duty machinery. Some analysts thought that this meant that GE would sell its life sciences unit. But at least for now, GE is holding onto the business and focusing on broadening its international reach.
2015 was a dismal year for Johnson & Johnson’s 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.