Medtronic CEO Omar Ishrak has led the company through significant change since taking his post on June 13, 2011. The company acquired Covidien in a valued transaction of $49.9 billion in 2015 and moved its headquarters to Dublin, Ireland, where Covidien was located.
At the 2018 Medtronic Institutional Investor and Analyst Day, Mr. Ishrak unveiled a new strategic growth plan that included increasing operating revenue by more than 4 percent, expanding the underlying operating margins of 40 to 50 basis points per year and achieving 80 percent free cash flow conversion over the next two to three years.
As the company moves forward, the Star Tribune reported Mr. Ishrak's total compensation at the fiscal year's end April 27, was more than $19 million. As such, Mr. Ishrak is among the highest compensated medical device company CEOs in the country.
Mr. Ishrak's compensation breakdown is as follows:
• Salary: $1.6 million
• Other compensation: $150,569
• Exercised stock options: $4.2 million
• Value realized on vesting shares: nearly $5 million
His compensation increased 17.3 percent over the previous year, while Medtronic performed similarly to the year before in terms of meeting financial targets. By comparison, Stryker Chairman, President and CEO Kevin Lobo reported total compensation at $12.8 million and former President and CEO of Zimmer Biomet earned $10.6 million in total compensation for 2016. Johnson & Johnson Chairman and CEO Alex Gorskey reported $21.2 million in 2016.