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Medtronic paid CEO $9M in fiscal 2010

Mon, 07/19/2010 - 7:45am
MATTHEW PERRONE - AP Business Writer - Associated Press

Medtronic Inc., the world's largest medical device maker, paid Chief Executive William Hawkins $9 million in total compensation for fiscal 2010, roughly even with his earnings in the prior year, according to an analysis by the Associated Press.

Hawkins, 56, took the reins of Medtronic in 2008, replacing Art Collins, who had led the company since 2002.

According a filing with the Securities and Exchange Commission, for the year ended April 30 Hawkins received a $1.1 million salary, a $2.3 million performance-based bonus and $62,856 in other compensation, including a business allowance and funds to install a security system at his home.

Hawkins also received stock options and restricted stock worth a total of $5.6 million.

The options were worth $35.92 when they were granted on Aug. 3. The company's stock closed at $37.27 Friday.

Medtronic, based in Minneapolis, makes devices such as implantable heart defibrillators, spinal implants, and insulin pumps. After a strong run-up through the 1990s, Medtronic shares touched $62 on Dec. 26, 2000, but they have been treading water in recent years.

In recent months Medtronic has reported a boost in revenue thanks rival Boston Scientific Corp. suspending its U.S. sales of defibrillators for a month.

The Associated Press compensation calculation is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.

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