Ivan Fong, the top lawyer at medical device company Medtronic Plc, had a pay package valued at more than $11.7 million in his first year on the job.
Fong joined Medtronic as executive vice president and general counsel in February after nearly a decade at 3M. His pay package includes a base salary, stock options and long-term incentives, Medtronic said in a Aug. 19 proxy statement.
Medtronic produces medical devices ranging from surgical tools to ventilators. Based in Dublin, Ireland, with US headquarters in Minneapolis, the company reported $1.49 billion in net income in the quarter ending April 29, up 9% from the same period last year.
The company’s pay package disclosure comes after it lost a US Tax Court dispute over licensing patents this year that’s projected to drive up its tax bill.
Fong received more than $968,000 in cash, including a roughly $189,000 base salary; $129,000 in non-equity incentive plan pay; and a $650,000 signing bonus, the proxy statement shows. He received almost $7 million in stock awards, per the proxy.
Medtronic and Fong didn’t immediately respond to a request for comment about Fong’s pay.
Brad Lerman, the company’s former general counsel, announced his retirement last year. Lerman received nearly $5.7 million during the fiscal year.
—Brian Baxter contributed to this report.
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