Medtronic board member Jean-Pierre Rosso must resign his seat after reaching the "mandatory retirement age" defined in the company's governance documents.
Medtronic loses a board member to mandatory retirement clause
Medtronic (NYSE:MDT) board member Jean-Pierre Rosso must relinquish his seat at the end of this term because he reached the "mandatory retirement age" of 72, as defined in the company's Principles of Corporate Governance. Rosso is currently a member of the company's nominating & corporate governance and quality & technology committees.
Rosso earned a total of $220,000 in cash and stock awards for his services during 2012, according to the med-tech titan's latest proxy documents.
Rosso's resignation is effective August 23, according to an SEC filing.