As we enter the time of year when most publicly traded medical device companies disclose how much they pay executives and other employees, securities filings show that Cardinal Health CEO Jason Hollar will once again rank among the highest-paid executives in medtech.
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.
Cardinal Health’s medical segment revenue made it the world’s ninth-largest medical device company in our 2024 Medtech Big 100 ranking.
Related: The 10 largest medtech employers of 2024 – and what their employees really think
Cardinal Health executive pay
Cardinal Health CEO Jason Hollar [Photo courtesy of Cardinal Health]
Hollar’s pay for fiscal 2024 (ended June 30, 2024) included a $1.43 million salary, $20.6 million in stock awards and a $3.1 million bonus. He also received $463,532 in other compensation, most of which was $438,175 worth of personal use of corporate aircraft.
Cardinal Health’s second-highest paid executive was Global Medical Products and Distribution Segment CEO Stephen Mason at $7.3 million in fiscal 2024, up 66% from $4.4 million the year before. Mason’s latest pay package included a $721,038 salary, nearly $6 million in stock awards and a $627,303 bonus.
Cardinal Health’s third-highest paid executive was CFO Aaron Alt at $6.8 million in fiscal 2024, up 14 percent from $6 million the year before. Alt’s latest pay package included an $846,038 salary, $4.8 million in stock awards and a bonus of nearly $1.2 million.
Cardinal Health Pharmaceutical and Specialty Solutions Segment CEO Deborah Weitzman came in at nearly $5.1 million for fiscal 2024, up 25% from $.1 million the year before. Weitzman’s latest pay package included an $709,153 salary, $3.6 million in stock awards and a $758,794 bonus.
Cardinal Health Chief Legal and Compliance Officer Jessica Mayer made nearly $4.7 million in fiscal 2024, up 6% from $4.4 million the year before. Mayer’s latest pay package included an $696,038 salary, nearly $3.1 million in stock awards and a $863,087 bonus.
“Fiscal 2024 marked a year of strong operational execution and financial performance, delivered in tandem with significant strategic progress across the portfolio,” Cardinal Health said in the disclosure, later continuing, “Our executive compensation program is designed to support our long-term growth, with accountability for key annual results.”
Cardinal Health median worker pay and CEO pay ratio
The U.S. Securities and Exchange Commission requires publicly traded companies like Cardinal Health to calculate the gap between CEO compensation and pay for its median employee.
Cardinal Health reported the pay of its median worker at $56,119, down 19% from the $69,024 figure the company reported in each of the previous three years.
That means that Hollar’s compensation was 457 times greater than what Cardinal Health’s median employee received, the company said, up from 269 the year before.
As in recent years, Cardinal Health said that median worker was a full-time employee in the U.S., but did not provide a 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.
Cardinal Health’s compensation practices won the support of 90% of shareholders who cast an advisory vote at the annual meeting.
More medtech compensation analysis for CEOs, top-paid executives and median workers
- Intuitive Surgical discloses pay for execs and median workers while urging votes against shareholder proposals
- Boston Scientific CEO pay breaks $20 million for the first time since Ray Elliott
- Abbott’s device leader got a big pay bump as sales surged
- Johnson & Johnson discloses executive pay and new security measures
- Medtronic CEO pay jumps 30%, employment and median worker pay drop
- Stryker pay climbs for top execs and median worker as sales break $20B mark
- No bonuses for Penumbra execs despite growing sales 25% to $1B
- Integer discloses executive pay, including separation payments for ex-EVPs
- Outset Medical investors target executive pay after recalls and warning letter
- Pay drops for Medtronic CEO and the median employee; bonus plan changes
- BD limits executive severance after ‘golden parachute’ shareholder proposal overcomes board opposition
- Zimmer Biomet changes executive pay plans after shareholder vote
