https://www.medicaldesignandoutsourcing.com/medtronic-ceo-pay-executive-compensation-fiscal-2025/#:~:text=and%20other%20execs-,Medtronic%20reports%20double%2Ddigit%20pay%20hikes%20for%20CEO,Martha%20and%20other%20top%20executives&text=Medtronic%20Chair%20and%20CEO%20Geoff,world's%20largest%20medical%20device%20company.
Medtronic Chair and CEO Geoff Martha received $23.3 million in total compensation for fiscal 2025. That included a $1.4 million salary, stock awards of $14.7 million, option awards of $4.8 million, a $1.9 million cash bonus under the Medtronic Incentive Plan (MIP).
Martha also received other compensation of $581,443, including $287,250 worth of personal use of corporate aircraft, $77,498 for personal and home security services, and a $40,000 business allowance.
Martha’s total compensation increased 16% from his $20.1 million package the year before.
His pay package is among the largest in medtech, coming in just above CEO pay at Stryker and Boston Scientific but less than recent figures disclosed by Solventum and Cardinal Health.
Medtronic’s second-highest paid executive was former EVP and Cardiovascular President Sean Salmon at $9.1 million in total compensation for 2025. That included $884,654 in salary, stock awards of $5.3 million, option awards of $1.7 million, a $823,050 MIP cash bonus, and a $382,886 change in pension value and nonqualified deferred compensation earnings.
Salmon also received other compensation of $43,719, including a $24,000 business allowance, a cash award, and personal security services.
Salmon’s total compensation increased 40% from the $6.6 million he received the year before.
Medtronic also said Salmon, who lost his executive position effective May 21, will remain a non-executive employee until Sept. 2 and will receive severance under the company’s policy for termination without cause.
A portrait of Medtronic Neuroscience President Brett Wall
Medtronic EVP and Neuroscience President Brett Wall [Photo courtesy of Medtronic]
While Medtronic did not put a precise figure to Salmon’s severance package, the company said he would be eligible for severance worth $3.5 million under the company’s policy had he been terminated on the last day of the fiscal year. That includes $63,717 for two years of health benefits and outplacement assistance.
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Medtronic EVP and Neuroscience President Brett Wall received $8.9 million in total compensation for 2025. That included a $774,519 salary, stock awards of $5.3 million, option awards of $1.7 million and a $720,750 MIP cash bonus.
Wall also received other compensation worth $363,656, including a $148,571 gross-up of taxes related to relocation expense, a $24,000 business allowance and $128,400 in relocation expense and personal security services.
Wall’s total compensation increased 40% from $6.4 million the year before.
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A portrait of Medtronic EVP of Enterprise Operations Greg Smith.
Medtronic EVP of Enterprise Operations Greg Smith [Photo courtesy of Medtronic]
Medtronic EVP of Enterprise Operations Greg Smith received $8.8 million in total compensation for 2025. That included a $894,560 salary, stock awards of $5.3 million, option awards of $1.7 million and a MIP cash bonus $832,350.
Smith also received other compensation worth 94,784, including $65,384 worth of company contributions to defined contribution plans, a $24,000 business allowance and personal security services.
Smith’s total compensation increased 15% from $7.7 million the year before.
Medtronic EVP and CFO Thierry Piéton — who started in the role on March 3, 2025 — received $5.6 million in total compensation for 2025. That included $138,517 in salary, stock awards of $4.6 million, option awards of $600,056 and a MIP cash bonus $141,975.
Piéton also received $141,274 for relocation expenses.
A photo of Medtronic EVP and CFO Thierry Piéton.
Medtronic EVP and CFO Thierry Piéton [Photo courtesy of Medtronic]
Former Medtronic interim CFO and SVP Corporate Finance Gary Corona — who resigned effective March 28, 2025 — received $3.9 million in 2025. That included $466,346 in salary, stock awards of $3.2 million and option awards of $25,002.
Corona also received other compensation worth $214,812, including $16,962 in business allowance, $187,500 in stipends paid while serving as interim CFO, and $10,350 worth of company contributions to defined contribution plans
Another former Medtronic executive listed in the disclosure was Karen Parkhill, who resigned as EVP and CFO effective Aug. 2, 2024, to become CFO at HP. She received $262,856 in salary in fiscal 2025 and $7,823 in other compensation, including personal security services and a $6,923 business allowance.
“Medtronic’s executive compensation program is designed to attract, motivate and retain top talent; emphasize incentive compensation alignment with sustained profitable growth; align with shareholder interests by encouraging executive stock ownership and linking a meaningful portion of compensation to the value of Medtronic ordinary shares; and discourage inappropriate risk-taking,” the company said in the disclosure.
Medtronic’s full-year profit increased 27% to $4.7 billion while diluted earnings per share increased 31%.
Medtronic said in the filing that its “underlying fundamentals … were strong and getting stronger, as the company accelerated its direction of travel to higher, profitable growth. The company advanced its pipeline of leading medical innovation, improved its earnings power, and delivered financial results against its commitments. The company executed on its strategy of leading through innovation-driven growth in markets where the company can make a difference for patient and physician stakeholders.”
“The company’s growth drivers are having an impact and building momentum, and this is expected to contribute to the company’s durable mid-single digit or higher growth going forward,” Medtronic later continued. “The company made significant progress with new product introductions in Cardiac Ablation Solutions and Neuromodulation, and continues to make advances in hypertension, robotics, and diabetes.”
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Medtronic pay for the median worker and CEO pay ratio
Pay for Medtronic’s median worker increased 1% to $68,770 in 2025, up from $67,769 the year before.
Medtronic is required to provide this figure and calculate its CEO pay ratio (a comparison of the CEO’s total compensation to that of the median worker) under U.S. Securities and Exchange Commission rules.
Medtronic’s CEO pay ratio increased to 339:1 in 2025, meaning Martha’s pay was 339 times more than the median worker’s pay.
That was a wider gap than Medtronic’s 296:1 CEO pay ratio the year before, 230:1 pay ratio in fiscal 2023 and 215:1 in fiscal 2022.
Medtronic did not describe its median employee by location or job title. At other medtech companies that offer more details about their median workers than required by the SEC pay disclosure rules, those median medtech workers often hold technical roles such as device design or engineering.