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15 Highest-Paid MedTech CEOs In the U.S. (slideshow)


Posted in Medical Device Business by Arundhati Parmar on April 21, 2014

2013 was a good year for public medtech companies. This chart shows why.

So how did CEOs fare last year? When it comes to annual compensation, who comprises the medtech world's 1%?

We researched MD+DI's Top 40 Medical Device Companies, including only U.S-based medtech companies, and then scoured data from FindtheBest and, in some cases, company proxy statements to come up with the list of 15 highest-paid medtech CEOs in the country.

The results are interesting because in many cases CEOs of firms such as Danaher that have more than a billion in revenue from medtech but pull in much more from other industry segments ended up ranking higher on the list with a larger compensation than CEOs of pure-play device firms like Medtronic. And then, not surprisingly, CEOs of diversified firms like General Electric and Johnson & Johnson also did better than other medtech CEOs.

Without further ado, here are the top 15 highest-paid medtech CEOs in the U.S, starting with no.15 on the list. Drumroll please...

Kevin Lobo, President and CEO, Stryker 

 

[Photo Adapted from a Wall Street Journal YouTube Video]

In 2013, Lobo made $8.4 million, which brought his compensation down 8.6% from the previous year.

 

[Feature Image Credit: iStockphoto.com user thorbjorn66]

 

-- By Arundhati Parmar, Senior Editor, MD+DI
arundhati.parmar@ubm.com

 

 


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And What Do They Do?

I am always amazed at what these folks make, not earn, per year. Are they magicians to get paid this much? Probably, but only to convince whoever to compensate them at these levels. But, do any of these guys possess that "secret sauce" to truly earn this much. I submit that they do not. Firstly, if one looks at stock share price performance as a reason for the big bucks, any share price rises of the past two years were solely due to the economic recovery that was going to happen anyway. Was it due to guiding innovation and new product development, thereby massively increasing income? We all know that hasn't happened for years now, so forget that. Has it been due to cost-controls? Maybe, but any dink can layoff a few thousand people. What about the overall strategic oversight of the company? Ask any insiders, and most will conclude that the companies succeeded DESPITE any interference by these CEO's.

No, there's no reason why any of these people should be getting what they are getting. None are geniuses, visionaries, or really very creative, so please don't bring up that trite saying that one must pay this much for the "best and brightest". I'm sure there would be thousands of folks around the country waiting in line who would love the job and do it as good or better for one-tenth the compensation…including me.

Paul Stein