The chief executive officer of Boston Scientific Corporation (NYSE:BSX), Mike Mahoney, received $35.7 million in 2016. This amount was comprised of compensation, bonuses and stock awards. The compensation amount was $12 million while stock awards amounted to $23.7 million. This was an increase of 4% in compensation and 13% in stock awards from the previous year. The total amount that Mahoney earned in 2015 was $32.5 million.
Exceeded target award
As one of the best-paid executives in public firms based in Massachusetts, Mahoney also got a bonus of approximately $2.4 million. The disclosure indicated that he exceeded expectations since this was 50% over and above what had been his target.
Mahoney’s earnings were revealed in a filing to the federal government made on Tuesday. While making the filing, Mahoney was praised for his contribution to the Marlborough, Masschusetts-based medical devices firm.
“[We thank him for his] outstanding performance for 2016,” said Boston Scientific.
Some of the achievements he received recognition for included accelerating the company’s growth, diversifying the product portfolio, improving margins as well as ensuring a leadership pipeline that will be able to meet Boston Scientific’s future talent needs.
Successful turnaround
Mahoney’s tenure at Boston Scientific begun in 2012 and since then he has been credited with turning around the medical devices firm. As a testament to his work, the share price of the company has been rising steadily since he joined. In the most recent quarterly results, the firm beat the estimates of analysts by posting revenues of $2.19 billion. Analysts had projected $2.16 billion in revenues. Compared to a similar quarter from a year ago, this was 10.8% growth. There was also a year-on-year improvement in the earnings per share.
For the current financial year, analysts now estimate that the earnings-per-share figures that will be posted by Boston Scientific will be $1.25. Recently, Boston Scientific acquired EndoChoice Holdings for around $210 million with a view to boosting its endoscopy business. EndoChoice is based in Georgia.
On Wednesday shares of Boston Scientific Corporation edged up slightly by 0.08% to close the day at $24.71.