Devices & Diagnostics

Boston Scientific CEO’s base pay doubled, sales down last year

Boston Scientific Corp. CEO Ray Elliott’s base salary gets a bump in 2010, but his total draw falls dramatically from 2009. Boston Scientific Corp. (NYSE:BSX) CEO Raymond Elliott’s salary got a haircut last year, dropping about 23 percent to $4.9 million during 2010. It was widely reported in media outlets last year that 61-year-old Elliott’s […]

Boston Scientific Corp. CEO Ray Elliott’s base salary gets a bump in 2010, but his total draw falls dramatically from 2009.

Boston Scientific Corp. (NYSE:BSX) CEO Raymond Elliott’s salary got a haircut last year, dropping about 23 percent to $4.9 million during 2010.

It was widely reported in media outlets last year that 61-year-old Elliott’s total salary in 2009 was just under $33.5 million. That would have been a nice haul, considering the Natick, Mass.-based company company’s less-than-stellar performance at the time.

But those figures for Elliott’s salary were vastly inflated, due to about $29 million in stock option awards he received upon taking the reins at Boston Scientific. Absent those awards, Elliot’s take-home was roughly $4 million in base salary and bonuses.

Read more MassDevice.com coverage of Boston Scientific

Elliott’s base pay did increase last year, doubling to $1.2 million compared with the $600,000 he took home in 2009. This year, he took home an additional $3.7 million in options, awards and other compensation for a total of $4.9 million, according to regulatory filings.

Elliott, who took over the CEO position in the summer of 2009 from James Tobin, has worked to remake Boston Scientific into a leaner and more focused company. Besides selling off its neuromodulation business to Stryker for $1.5 billion, the company has replaced more than 75 percent of its senior management over the past year.

The results have been mixed. Boston Scientific posted nearly $8 billion in sales last year, down 3.7 percent, and was unable to swing a profit in 2011. Elliot told investors on a conference call recently that the hard times were part-and-parcel with setting a listing ship back on course.

“Somewhere along the way, you have to bite the bullet and do the right stuff,” he said.

The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.

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