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Integer Holdings Corp. recently disclosed executive compensation packages for 2023, which included separation payments for two EVPs who left the company that year.
The Plano, Texas-based medical device contract manufacturer also disclosed the pay of its median worker and calculated that its CEO pay ratio is shrinking.
Integer Holdings investors overwhelmingly supported the pay plans for its CEO and top executives in the advisory say-on-pay vote at then annual meeting in May 2024, according to Securities and Exchange Commission filings.
Integer Holdings was the world’s 60th-largest medical device company in our 2023 Medtech Big 100 ranking by revenue.
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.
2023 analysis: How does medtech CEO pay stack up to the rank and file?
Pay for top Integer Holdings executives
Integer President and CEO Joseph Dziedzic [Image courtesy of Integer]
Integer Cardio & Vascular President Payman Khales made $4 million in 2023, including a $528,846 salary, $2.9 in stock awards and a $572,027 cash bonus. His pay increased 75% year-over-year, driven by across-the-board increases in his salary, stock awards and bonus.
Integer also reported compensation for two former executives:
- Former Integer EVP and CFO Jason Garland made $2.3 million in 2023. He left the company in May 2023 and is now CFO at Repligen Corp. Garland’s 2023 compensation included $591,806 in separation compensation.
- Former Integer EVP, Global Operations and ESG Jennifer Bolt made $1.5 million in 2023. She left the company in November 2023 and is now chief operating officer at Laborie. Bolt’s 2023 compensation included $488,811 in separation compensation.
Three other executives all made around $1.3 million per year in 2023, but their prior-year pay was not disclosed:
- Integer EVP and Chief Human Resources Officer Kirk Thor
- Integer SVP, General Counsel, Chief Ethics and Compliance Officer and Corporate Secretary McAlister Marshall
- and Integer VP and Interim CFO Diron Smith
All executives received $9,900 in 401(k) matching contributions in 2023, plus term life insurance premiums and long-term disability insurance premiums. Executives also received perks ranging from executive physicals and health savings account contributions to dependent tuition reimbursement.
How Integer’s CEO pay compares to the median worker
Integer reported total compensation of $39,727 to its median worker, up from $33,898 the year before.
The increase in that median employee pay figure — along with the decrease in Dziedzic’s compensation as CEO — narrowed Integer’s CEO pay ratio to 220:1 for 2023, down from 339:1 the year before.
The CEO pay ratio is an SEC-mandated disclosure of what a company pays its CEO compared to its median employee. Integer 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.
Integer’s median pay is among the lowest of medical device companies in the Medtech Big 100, but that’s likely due to the company’s greater focus on manufacturing compared to device OEMs that spend more on R&D and the technical talent associated with those efforts.
Another likely contributor is that a majority of Integer’s employees work outside the U.S.
Integer said it had 10,451 employees at the end of 2023, up from about 9,910 the year before. About 42% of the company’s employees are in the U.S., down from 43% at the end of 2022. The company’s foreign workforce includes:
- Mexico: 26%
- Ireland: 16%
- Dominican Republic: 9%
- Uruguay: 4%
- Malaysia: 3%
- Israel: less than 1%
- Switzerland: less than 1%
More medtech compensation analysis for CEOs, top-paid executives and median workers
- Outset Medical investors target executive pay after recalls and warning letter
- Intuitive pay increases for executives, drops for median worker — but its top-paid employee wasn’t the CEO
- 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
- Boston Scientific discloses executive pay, reports employment and diversity gains
- Stryker discloses $40M in pay for CEO Kevin Lobo and top execs
