Boston Scientific (NYSE:BSX)
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5 Years : From Oct 2012 to Oct 2017
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; firstname.lastname@example.org