executive pay Archives - Medical Design Sourcing

ResMed executive pay increases; CEO’s total comp jumped 19%

Resmed logo

ResMed recently disclosed pay packages for its top executives, reporting boosts in total compensation for its CEO and his leadership team.

The respiratory device manufacturer has had the market mostly to itself ever since 2021, when competitor Philips started recalling millions of Respironics continuous positive airway pressure (CPAP) machines. Despite that advantage, ResMed has struggled to ramp up manufacturing volume, sales and profitability due to supply chain challenges, including shortages of semiconductors and other electronic components as well as higher costs for components, manufacturing and warehousing.

ResMed closed fiscal 2023 (ended June 30, 2023) with year-over-year revenue growth of 23% and net income growth of 15%. But the company’s fourth-quarter results disappointed analysts, and its stock has been sliding ever since.

ResMed’s top-paid executives

Cardinal Health CEO becomes one of medtech’s top-paid executives

Cardinal Health disclosed pay and perks for other leaders and its median employee, as well as severance payouts for two former top executives.

Cardinal Health CEO Jason Hollar [Photo courtesy of Cardinal Health]

Cardinal Health paid CEO Jason Hollar nearly $18.8 million in his first year on the job, the device manufacturer and pharmaceutical distrbutor said in a new executive pay disclosure.

That makes Hollar — who was Cardinal Health’s chief financial officer until his promotion in September 2022 — the second-highest-paid CEO among the world’s largest medical device manufacturers.

Abbott CEO Robert Ford is the top-paid CEO of all medical device manufacturers at $21.7 million in total compensation. Like Cardinal Health, Abbott also has a major pharmaceutical business, but Abbott does not disclose pay for Medical Devices EVP Lisa Earnhardt.

Hollar’s total compensation for fiscal 2…

Masimo shareholders vote ‘no’ on executive pay

Masimo CEO Joe Kiani [Image courtesy of Masimo]

Masimo (Nasdaq:MASI) shareholders recently voted to advise against the company’s compensation package for top executives.

About 53% of voting shareholders voted against the patient monitoring tech company’s handling of executive pay in what’s known as the ‘Say-on-Pay’ vote, according to vote results of the May 26 meeting filed with the SEC yesterday. The vote comes on the heels of Say-on-Pay votes at Zimmer Biomet and Henry Schein in which support from investors was lackluster.

In fact, dozens of major U.S. companies — including JPMorgan, Intel and Coca-Cola — have faced shareholder rebukes over executive pay this year, according to a report from The Wall Street Journal. The newspaper cited the trend as part of an overall increase in investor scrutiny of corporate governance — as well as social and environmental issues.

A Masimo spo…