Boston Scientific Chair, President and CEO Mike Mahoney [Photo courtesy of Boston Scientific]
Mahoney’s total compensation exceeded $23.5 million in 2025, according to the Marlborough, Massachusetts-based company’s latest pay disclosure. That’s an increase of more than $2 million from the year before, which was the first time Boston Scientific paid its CEO more than $20 million since Ray Elliott received $33.5 million in 2009.
Boston Scientific, the ninth-largest medtech company in the world, reported $20.1 billion in revenue for 2025, growing 20% from the prior year.
Boston Scientific’s median employee pay also rose by double digits in 2025, the company said in the disclosure.
“In 2025, Boston Scientific continued to deliver relentless innovation and enduring growth,” Mahoney said in his letter to investors. “Propelled by the talent and dedication of our global teams, we built on our track record of consistent financial performance to achieve another outstanding year. Our results keep us on course toward our goal of consistently being the highest-performing large-cap company in medtech. To that end, our focus remains on strengthening our innovation ecosystem with a differentiated product pipeline designed to support sustainable growth over the long term.”
Recruiting and retaining top talent — both at the executive and engineering level — is crucial in the medtech industry, but employee compensation is kept secret in most cases. Medical Design & Outsourcing tracks and analyzes these pay figures when disclosed by major device developers and manufacturers.
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Executive pay at Boston Scientific in 2025
Mahoney’s $23.5 million in total compensation for 2025 was up 10% from the year before. His latest pay package included a $1.44 million salary, $13.6 million in stock awards, $3.8 million in option awards and a $4 million cash bonus.
Mahoney had a $441,611 change in pension value and nonqualified deferred compensation earnings and earned $287,799 in other compensation, including 401(k) matches, term life insurance, and financial planning services.
Mahoney’s package included personal use of Boston Scientific’s corporate aircraft valued at up to $225,000 per year. That total rose by $75,000 from the previous year.
“In 2025, after consideration of evolving security and travel considerations for senior executives, the Compensation Committee approved an increase in Mr. Mahoney’s annual personal use allocation for the Company’s corporate aircraft to $225,000 per year in aggregate incremental cost to the company,” Boston Scientific said in the filing.
Boston Scientific EVP and Cardiovascular Group President Joe Fitzgerald [Photo courtesy of Boston Scientific]
Fitzgerald’s total 2025 compensation increased 27% from $6.3 million the year before
Boston Scientific EVP and MedSurg and Asia Pacific Group President Art Butcher received $6.5 million in total compensation for 2025. That included a $744,822 salary, $3.4 million in stock awards, $949,962 in option awards and a $1 million cash bonus. He saw a $160,495 change in pension value and earned $219,667 in other compensation.
Former Boston Scientific EVP and CFO Daniel Brennan retired in 2025. [Photo courtesy of Boston Scientific]
Former Boston Scientific EVP and CFO Daniel Brennan was the next-highest earner in his final year with the company. He retired after more than 30 years with the company in June 2025, staying on as an advisor through October 2025.
Brennan received $6.3 million in total compensation in 2025 (compared to $6.7 million the year before), including $660,990 in salary, $3.4 million in stock awards, $949,962 in option awards, a $1.1 million cash bonus, a change in pension value of $89,930 and other compensation totaling $36,738.
Boston Scientific EVP and CFO Jon Monson [Photo courtesy of Boston Scientific]
Monson’s prior-year compensation was not disclosed.
Former Boston Scientific EVP and Peripheral Interventions President Jeff Mirviss received $4.2 million in total compensation in 2025 and retired at the end of the year. His pay package included a $702,042 salary, $2 million in stock awards, $549,989 in option awards, and a $793,126 cash bonus. He also saw a $59,998 in change in pension value and received $59,238 in other compensation.
Former Boston Scientific EVP and Peripheral Interventions President Jeff Mirviss retired at the end of 2025. [Photo courtesy of Boston Scientific]
Boston Scientific SVP, General Counsel and Corporate Secretary Vance Brown received $3.9 million in 2025 compensation, including a $659,086 salary, $1.7 million in stock awards, $474,960 in option awards a $897,751 cash bonus, $119,925 in pension changes and $45,286 in other compensation.
Brown’s prior-year compensation was not disclosed.
All of the executives named above also received cybersecurity and digital monitoring services for themselves and, in Mahoney’s case, for family members.
Those expenses — as low as $5,449 for Monson and as high as $17,000 for Mahoney — cover fees paid to a third-party service provider for “employees identified to be at elevated risk due to their roles,” the company said.
Boston Scientific’s median worker pay and CEO pay ratio
The U.S. Securities and Exchange Commission (SEC) requires publicly traded companies to calculate the gap between CEO compensation and pay for its median employee.
Boston Scientific in 2025 reported median employee pay of $67,539. That’s a 16% increase from the previous year’s pay, which totaled $58,074. The company has used the same median employee last year and the year before.
With Mahoney’s compensation eclipsing $23 million, Boston Scientific estimated a CEO pay ratio of 348:1, slimming down from last year’s ratio of 369:1.
Boston Scientific 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.
“We strive to pay our employees competitively compared to similar positions in the applicable labor market,” Boston Scientific sald in the filing. “We follow that approach worldwide, whether for an executive position or an hourly job at a local facility. We take into account location, job level and pay grade, time with us and time in current role, experience and skill set, and adjust compensation annually to match the applicable market. By doing so, we believe we maintain a high-quality, stable workforce.”
Boston Scientific investors will cast advisory “say-on-pay” votes on the company’s executive compensation practices at the April 30 annual meeting. Shareholders overwhelmingly voted in support of the company’s executive pay the year before.
The device company’s board is also asking shareholders to vote to increase its employee stock purchase plan availability by 10 million shares and amend its certificate of incorporation to limit personal liability of the CEO, CFO and other officers and to allow a group of owners of at least 25% of the company’s stock to call a special shareholder meeting.
The board recommended investors vote against stockholder proposals to remove supermajority voting provisions from its certificate of incorporation and against giving stockholders (or groups of stockholders) with at least a 10% stake from calling a special shareholder meeting.
— Managing Editor Jim Hammerand contributed to this report.
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