Geoff Martha, Medtronic PLC chairman and CEO
- Total compensation: $5,890,390 for the fiscal year ended April 30
- Salary: $1,142,308
- Non-equity incentive pay: $2,740,000
- Other compensation: $209,257
- Exercised stock options: $776,812
- Value realized on vesting shares: $1,022,013
- New stock options: 283,687
- CEO pay ratio: 202 to 1
- Median employee pay: $81,624
- Total fiscal 2021 shareholder return: 34.8%
The compensation is for the first full year that Geoff Martha led the global medical device company as CEO. He was appointed in April 2020.
The pandemic affected Medtronic, like other companies. Sales were impacted as procedures not related to COVID-19 were reduced. The greatest impact was seen in fourth quarter 2020 and first quarter of fiscal 2021, which ended April 30.
In fiscal 2021, the board lowered the minimum performance targets for annual incentives and also lowered the maximum payout potential. Because the company's actual results were better than expected, it allowed an annual incentive payment that was 124% of target for most employees.
The board capped the senior executives' bonuses at 100% "to balance our overall pay for performance relationship in the context of other COVID-related pay decisions," the company said in its annual proxy statement filed on Friday.
The company also made certain payments under a long-term non-equity incentive plan that covered 2019 to 2021.
As a result of those decisions Martha's cash incentive award for the year was $2.74 million, up from $626,334 in the prior year.
The board also allowed for one-time stock options to senior executives as a retention incentive. Those awards vest over four years as the company continues to recover from the effects of the pandemic. Martha's award under that plan was valued at $1.13 million at the date of grant; the final realized value will be determined in four years.
Former CEO Omar Ishrak realized $11.3 million in his final year with the company. Ishrak retired from his executive chairman role on Dec. 11, 2020.
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