U.S. Securities and Exchange Commission Archives

BD limits executive severance after ‘golden parachute’ shareholder proposal overcomes board opposition

Becton, Dickinson and Co. (BD) will now need stockholder permission for cash severance payouts to executives above a newly set limit.

It’s the latest example of how executive compensation is being scrutinized in the medtech industry, where the world’s largest device manufacturers have collectively reduced headcount even as revenue hits record highs.

BD’s medical and interventional segments make it the world’s 11th-largest device company, according to Medical Design & Outsourcing‘s 2023 Medtech Big 100 ranking.

The new executive severance policy took effect on Nov. 21, 2023, BD said in a filing with the Securities and Exchange Commission.

The board adopted the policy after a BD shareholder proposed more extensive limits at the company’s January 2023 annual meeting. Despite opposition from the board, the proposal won nearly 62% of votes cast (excluding absentions and broker non-votes).

The shareholder p…

Another medtech reports a cybersecurity incident

LivaNova (NASDAQ: LIVN) + says it’s the latest victim of a cybersecurity incident.

The London-based device developer disclosed the cybersecurity incident in a Securities and Exchange Commission filing this week, saying the incident disrupted portions of its information technology systems and business operations.

“Promptly after detecting the issue, the company began an investigation with assistance from external cybersecurity experts and is coordinating with law enforcement,” LivaNova said in the filing. “The company continues to assess what information and systems were impacted and is executing its incident response plan, including implementing remediation measures to mitigate the impact of the incident.”

“The company has and will continue to take actions to remediate the issue, such as taking certain systems offline,” the company continued.

LivaNova said it expe…

Medtronic moves its 2023 annual meeting up for first time since HQ move

Medtronic is holding its 2023 annual meeting of shareholders on Thursday, Oct. 19, 2023.

The world’s largest medical device company moved the date up from December for the first time since Medtronic relocated its Fridley, Minnesota headquarters to Ireland in 2015.

The company’s last annual meeting in Minnesota was in August 2014 at its Mounds View campus. Ever since then, Medtronic has held its annual meeting sometime during the first two weeks of December in Dublin, Ireland.

Related: 5 growth areas where Medtronic’s CEO wants to invest more

The earlier annual meeting date means any shareholders that want to nominate directors or submit any other proposal will need to do so in writing between July 21 and Aug. 30, Medtronic told investors in a filing with the U.S. Securities and Exchange Commission.

Those proposals will not be included in the proxy materials prepared for the annual meeting; the deadline for inclusion in proxy mat…

Medtronic and DaVita’s dialysis venture appears to be called Mozarc Medical
Regulatory filings indicate a medtech CEO is involved in the new kidney care company.

Medtronic has filed trademark applications for this Mozarc logo. [Image via the U.S. Patent and Trademark Office]Clues are pointing to Mozarc Medical as the name of the new kidney care company that Medtronic (NYSE:MDT) and DaVita (NYSE:DVA) are expected to launch this year.

The companies used “NewCo” as a placeholder when announcing the new company last year and said a renaming and rebranding would come when the deal closes sometime in 2023.

Since then, Medtronic has filed trademark applications with the U.S. Patent and Trademark Office for Mozarc and Mozarc Medical relating to dialysis products.

Medtronic listed itself as the applicant on five applications filed in August and December. Four more recent applications, filed in January, list Mozarc Medical US LLC as the applicant. All list the same attorney of record and the address of Medtronic’s Fridley, Minnesota headquarters.

Meanwhile, law firm DLA Piper — which represents Medtro…