Gary Maharaj
President and CEO
Surmodics Inc.
- Total compensation: $4.354,631 for the year ended Sept. 30
- Salary: $602,150
- Non-equity incentive pay: $677,419
- Other compensation: $8,700
- Exercised stock options: $2,591,168
- Shares vested: $475,194
- New stock options: 74,515
- Median employee pay: $69,207
- CEO pay ratio: 42 to 1
- Total fiscal 2021 shareholder return: 42.9%
Note: Maharaj's realized compensation increased because he was able to exercise more than 82,000 previously issued stock options worth $2.6 million in a year that Surmodics shares had a total return of 42.9%.
The Eden Prairie-based company's surface modification technologies are used with intravascular medical devices. It also makes critical immunoassays products for in-vitro diagnostic companies.
Despite challenges from the COVID-19 pandemic, Surmodics was able to make strategic advancements through the year with clinical trials and regulatory approvals for several new products and total revenue grew to $105.1 million, a 10.8% increase over 2020 and a 5% increase over two years ago — prior to the pandemic.
Maharaj has been president and CEO since 2010 and, during his tenure, Surmodics' revenue has grown from $54 million.
Maharaj's compensation increased in the last year mainly because he didn't have any option gains the prior year. He also got a 3% base salary increase and his annual incentive pay rose 27% as the company earned 150% of the targeted annual incentives for revenue and earnings.
