Pay drops for Medtronic CEO and the median employee; bonus plan changes

Medtronic disclosed total compensation for its top executives as well as its median worker while revealing changes to the way Medtronic Incentive Plan bonuses will be calculated.

Medtronic (NYSE:MDT) paid Chair and CEO Geoff Martha $15.4 million in fiscal 2023, the world’s largest medical device company said in its annual disclosure of pay for top executives.

That’s a 14% decrease from the year before, primarily due to Martha receiving nothing this year under the Medtronic Incentive Plan (MIP).

Pay also dropped 14% to $67,073 for Medtronic’s median worker, which the company is required to identify for comparison to CEO pay. That CEO pay ratio increased from 215:1 to 230:1 in fiscal 2023 (ended April 28, 2023).

Dublin, Ireland-based Medtronic used the same individual employee as its median worker as it did last year, saying there was “no change in our employee population or employee compensation arrangements since that median was i…

Read more
  • 0