Medtronic's new CEO moves into the spotlight

Article by: JANET MOORE , Star Tribune
Updated: August 25, 2011 - 1:47 PM

Another test awaits Omar Ishrak at Thursday's annual shareholder meeting in Fridley.

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gnuspaperAug. 24, 1110:58 PM

Market place is really working for CEO compensation: 17% decline in a 4 year reign.... "William Hawkins, the chairman and CEO of Medtronic, received $7.5 million in compensation in fiscal 2009, according to a company filing Friday. That’s a nearly 60 percent increase from his 2008 compensation of $4.6 million. Most of the increase came in the form of cash incentives, which more than doubled from $971,749 in 2008 to $2.2 million in 2009. Hawkins’ salary also went up to $1.2 million in 2009 from slightly less than $1 million in 2008. His stock awards increased to $2.3 million in 2009, compared to $1.5 million in 2008."

psc56stribAug. 25, 11 9:29 AM

Ms Moore sure likes to use the "the first outsider to hold the company's top spot in a quarter of a century" comment in her stories about Medtronic. Since the previous 3 CEOs all held other Medtronic jobs before becoming CEO, the statement is technically true. However, all three men were brought into Medtronic with the explicit or implicit commitment that they would become the next CEO. Ms Moore's implication that Medtronic grows executive talent to the CEO level is simply wrong.