Medtronic CEO Omar Ishrak, who is overseeing the $42.9 billion acquisition of Irish medical products maker Covidien, received a 35% bump in compensation last year, the company said Wednesday.
Ishrak’s 2014 fiscal year compensation rose to $12.1 million from nearly $9 million in 2013, the Minnesota-based medical products maker said in a preliminary proxy filing. Most of the gains came from a $4.7 million incentive plan award, up more than 90% from 2013’s $2.4 million incentive award.
Ishrak also received $1.4 million in salary, a $3 million stock award and stock options valued at $2.7 million. Ishrak also received a $40,000 business allowance. He gained another $2.1 million from vested shares, Medtronic said.
Ishrak, 58, previously was head of General Electric’s Healthcare Systems division. Since joining Medtronic in June 2011, the Covidien deal is the biggest of his three year tenure. Besides product synergies, the merger will allow Medtronic – which will have a Dublin address after reincorporating – to slash its 35% U.S. corporate tax rate to Ireland’s 12.5%, a move that could save the company $4 billion annually.