CEO Pay Watch: Omar Ishrak, Medtronic

  • Article by: PATRICK KENNEDY , Star Tribune
  • Updated: June 26, 2014 - 8:17 PM
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Medtronic CEO Omar Ishrak

Photo: Jeff Wheeler, Star Tribune

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CEO Pay Watch Medtronic Inc.

Omar Ishrak, Chairman, CEO

Total compensation: $8,331,159 for the year ended April 30

Salary: $1,459,080

Non-equity incentive pay: $4,682,931

Other compensation: $52,614

Value realized on vesting shares: $2,136,534

New stock options: 221,765

Total fiscal 2014 shareholder return: 28.6 percent

Note: Ishrak took home $8.3 million in total compensation, a 33 percent increase over the amount he took home the previous year.

Ishrak’s base salary rose 4 percent last year, but the biggest part of his total compensation increase was a bonus that went from $2.4 million to $4.7 million as the company slightly exceeded the overall targeted revenue, earnings per share and cash flow performance goals.

There is little mention of the pending Covidien deal in the preliminary proxy other than Covidien is currently in Medtronic’s peer group. The deal was announced after the company’s fiscal year closed, and any bonuses associated with the acquisition may be listed in next year’s proxy.

Shareholders at last year’s annual meeting gave the big medical device company’s “say-on-pay’’ proposal 97 percent approval.

Patrick Kennedy

 

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