Geoff Martha has assumed the position of CEO of Medtronic after the April 26 retirement of Omar Ishrak, a pioneer in the spinal device industry. Stepping down after nine years as CEO, Mr. Ishrak will now serve as executive chairman.
Here are five CEOs to know in the spinal device industry:
Geoff Martha, CEO. Medtronic: In his prior role as Medtronic president and director, Mr. Martha was among the company's top earners, taking home $4.1 million annually. Before coming to Medtronic, he was managing director of business development at GE Healthcare and held several executive positions over a 19-year period. Mr. Martha served as senior vice president of strategy and business development, managing Medtronic's $10 billion acquisition of Covidien in 2015. His immediate goals as CEO are to lead Medtronic through the COVID-19 pandemic, continue the company's investment in robotic technologies and identify opportunities for growth.
Kevin Lobo, Chairman and CEO. Stryker: In 2012, 18 months after Mr. Lobo joined Stryker as group president of orthopedics, the company appointed him CEO. His net worth is estimated at $48.6 million, according to Wallmine. Mr. Lobo owns more than $5.75 million of Stryker stock and has a $13.9 million salary. During his tenure as Stryker CEO, he led more than 20 acquisitions, including that of Mako Surgical, K2M, Trauson Holdings and Mobius Imaging. Before coming to Stryker, Mr. Lobo spent eight years at Johnson & Johnson, where he served as president of Johnson & Johnson Medical Canada and president of Ethicon Endo Surgery.
Bryan Hanson, President and CEO. Zimmer Biomet: In 2015, Zimmer Biomet was formed through the merger of Zimmer and Biomet. Two years later, the company appointed Bryan Hanson as president and CEO. Mr. Hanson earns a salary of $11.2 million and is estimated to be worth at least $23.5 million. Before Zimmer Biomet, he was executive vice president and president of the minimally invasive therapies group at Medtronic. Over 22 years, he held several leadership roles at Covidien before the Medtronic acquisition. Last year, Mr. Hanson led the Tether system for scoliosis to FDA approval, as well as the ROSA One Spine System, ROSA One Brain application and ROSA Knee System to FDA clearance.
David Demski, President and CEO. Globus Medical: Mr. Demski joined Globus Medical as CEO in August 2017, previously serving as the company's CFO and as president of emerging technologies. The ExcelsiusGPS, Zimmer Biomet's flagship robotic navigation system for spine surgery, received FDA clearance the month Mr. Demski became CEO. His salary is upwards of $3.4 million, and he is estimated to be worth about $29.4 million. Before stepping into his role at Globus Medical, he founded Cornerstone LBO Fund, a boutique leveraged buyout consultancy. He also was vice president of Gilo Ventures and COO of telecommunications consulting firm Rendall and Associates.
Christopher Barry, CEO. NuVasive: In November 2018, NuVasive appointed Mr. Barry to succeed Gregory Lucier as CEO. Nuvasive pays him an annual compensation of about $1.8 million, including stocks and bonuses. Previously, he served as senior vice president and president of Surgical Innovations, a business unit that produces $5.5 billion in annual revenue and was acquired by Medtronic in 2015. In the role, he was responsible for providing strategic direction to more than 14,000 employees in 79 countries, which included 10 manufacturing sites and several research and development facilities. Last year, Mr. Barry led the launch of NuVasive's Pulse system, which is designed to feature several technologies to assist spine surgeons in adopting more efficient and less disruptive surgical methods.