Stryker CEO Pay Cut Leaves Him with $1.1 Million Bonus
March 25th, 2008 joshua
Stryker Corp’s CEO took a huge pay cut in 2007, somewhat mirroring his company’s performance, but there certainly aren’t any tough times at the MacMillan home.
Despite the company’s name repetitively coming up in recall, contamination and FDA warning letter news, Stryker CEO Stephen P. MacMillan still earned a compensation package valued at $2.3 million in 2007, according to Associated Press calculations. It’s an 89 percent decrease from 2006, but still hardly paltry for a company which bumbled its way through the year.
MacMillan’s compensation is calculated as a total of his $950,000 base salary and a performance-based cash bonus of $1.1 million. MacMillan was also awarded $233,109 in all other compensation, according to AP, including 401(K) matching contributions, country club fees, dividends on unvested restricted stock and an annual physical.
In 2006, he earned $21.5 million.
MacMillan’s contract expires in May and should be relieved of his duty prior, he would be entitled to a $3.7 million buyout. His contract is based on the salaries of his peers in the medical device industry.
Stryker is currently the focus of an antitrust investigation by the Justice Department. It has subpoenaed documents from the company regarding the sale of its devices in foreign countries.
Stryker is also one of five device makers involved in paying kickbacks to physicians to use certain products over others.
