Boston Scientific CEO Kucheman's 2011 Total Pay Rose 47% To $4.7 Million

Date : 03/08/2012 @ 6:31PM
Source : Dow Jones News
Stock : Boston Scientific Corp. (BSX)
Quote : 29.69  0.12 (0.41%) @ 4:03PM

Boston Scientific CEO Kucheman's 2011 Total Pay Rose 47% To $4.7 Million

Boston Scientific (NYSE:BSX)
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Boston Scientific Corp. (BSX) Chief Executive William H. Kucheman's total pay jumped 47% to $4.7 million last year after he was named interim head of the Natick, Mass., medical-device maker.

President Michael F. Mahoney, Kucheman's eventual replacement, received total compensation valued at $11.7 million last year, according to a filing Thursday with the Securities & Exchange Commission.

Last fall, the company named Mahoney, previously the world-wide chairman of rival Johnson & Johnson's (JNJ) medical device and diagnostics group, as its new CEO in a complicated arrangement.

Under the plan, Mahoney joined Boston Scientific as president in October and is expected to become CEO Nov. 1 this year. Kucheman, formerly president of the company's cardiology, rhythm and vascular group, is serving as interim CEO until then.

Boston Scientific said in a regulatory filing last fall Mahoney would get an annual salary of $900,000 plus a sign-on bonus of $1.5 million and an additional bonus of $750,000 to be paid within 30 days following his promotion to president and CEO. He also would receive $9.5 million in deferred stock.

As interim CEO, Kucheman would receive an annual salary of $900,000, the company has said.

Shares were unchanged after-hours after closing up 3.5% at $5.93 Thursday.

-By Anjali Athavaley, Dow Jones Newswires; 212-416-4912; anjali.athavaley@dowjones.com

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