Medtronic CEO and Chair Geoff Martha [Photo courtesy of Medtronic]
Medtronic also disclosed compensation packages for other executives, including a multimillion dollar severance payout for a former EVP, and a slight increase in the device manufacturer’s global headcount.
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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Medtronic reported $36.4 billion in total revenue for fiscal 2026 (ended April 24, 2026), up 8% from $33.5 billion the year before. That will be enough to keep Medtronic at No. 1 on the soon-to-be-released 2026 MDO Medtech Big 100 ranking of the largest medical device companies by revenue.
The company said its growth drivers continued to perform and demonstrate market durability, including its cardiac ablation business, Hugo robot-assisted surgical system, and acquisitions like its $585 million CathWorks deal.
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Medtronic executive pay
The U.S. Securities and Exchange Commission requires publicly held companies to disclose total compensation for their CEO, CFO and three of the highest-paid executives.
Medtronic Chair and CEO Geoff Martha received $22.9 million in total compensation for fiscal 2026, up 8% from $21.2 million in fiscal 2025.
His compensation included a $1.4 million salary, $13.7 million in stock awards, $5.2 million in option awards, a $2.3 million cash performance bonus and $386,255 in other compensation. Martha’s other compensation included $157,892 worth in personal use of the corporate aircraft, $175,916 in 401(k) matching contributions, a $40,000 business allowance and $12,446 for personal security services.
His pay package is among the largest in medtech, coming in above CEO pay at Stryker but less than recent figures disclosed by Johnson & Johnson, Baxter and Boston Scientific.
Editor’s note: You might notice the significant difference between Martha’s $21.2 million in fiscal 2025 total compensation and the $23.3 million we previously reported. That’s because a few weeks after we published Medtronic’s pay figures last year, the company filed an updated disclosure with lower stock awards values for the executives who received them. Those figures usually don’t change between the first filing (known as a preliminary proxy statement, or form PRE 14K) and the definitive proxy statement (form DEF 14K). We’ve asked Medtronic for more information about the change, but received no response to our messages.
Medtronic EVP and CFO Thierry Piéton [Photo courtesy of Medtronic]
His compensation included an $849,648 salary, a $2 million cash sign-on bonus, $3.2 million in stock awards, $1.2 million in option awards, a $963,050 cash performance bonus and $404,079 in other compensation.
A portion of Piéton’s salary included a vacation payout for his time employed by Medtronic in Switzerland, which was paid when he moved to the U.S. at the beginning of fiscal 2025, Medtronic said. This portion was paid in Swiss Francs.
Piéton’s other compensation included $175,403 in relocation expenses, $5,400 in personal security services, $181,561 in 401(k) matching contributions, $18,446 in relocation gross-up and service award tax assistance, and a $23,262 business allowance.
Former Medtronic EVP and Neuroscience President Brett Wall [Photo courtesy of Medtronic]
His compensation included a $799,519 salary, $3.6 million in stock awards, $1.4 million in option awards, an $824,000 cash performance bonus and $381,050 in other compensation.
Wall’s other compensation included $151,776 in relocation gross-up tax assistance, $128,400 in relocation expenses, $5,400 in personal security services, $57,410 in 401(k) matching contributions, a $24,000 business allowance and $13,895 in President’s Club trip/award gross-up assistance.
He stepped down from his role in June 2026 but will remain a non-executive employee until September. Medtronic said Wall will receive a $3.3 million severance payout.
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Medtronic EVP and Medical Surgical Portfolio President Mike Marinaro [Photo courtesy of Medtronic]
His compensation included an $819,616 salary, $3.6 million in stock awards, $1.4 million in option awards, a $971,290 cash performance bonus and $125,075 in other compensation.
Marinaro’s other compensation included $89,983 in 401(k) matching contributions, a $24,000 business allowance, $5,692 in tax reimbursement and $5,400 for personal security services.
Medtronic EVP, General Counsel and Secretary Michelle Quinn received $6.7 million in total compensation for fiscal 2026. Quinn joined the company in July 2025 from Becton, Dickinson and Co. (BD), where she had been EVP and general counsel.
Medtronic EVP, General Counsel and Secretary Michelle Quinn [Photo courtesy of Medtronic]
Quinn’s other compensation included $76,632 in relocation expenses, $4,050 in personal security services, $44,979 in relocation gross-up tax assistance, $26,404 in 401(k) matching contributions and an $18,000 business allowance.
“Medtronic’s executive compensation program is designed to attract, motivate and retain top talent; emphasize incentive compensation alignment with sustained profitable growth; align with shareholder interests by encouraging executive stock ownership and linking a meaningful portion of compensation to the value of Medtronic ordinary shares; and discourage inappropriate risk-taking,” the company said in the disclosure.
Related: Medtronic positions Hugo as ‘another choice’ for surgeons
Medtronic pay for the median worker and CEO pay ratio
The SEC requires publicly traded companies to calculate the gap between CEO compensation and pay for its median employee.
Medtronic calculated its median employee wage at $75,587, up 10% from $68,770 the year before.
The median wage and Martha’s $22.9 million pay package puts Medtronic’s CEO pay at 303 times more than the median employee, up slightly from 309 the year before.
Medtronic did not describe its median employee by location or job title. At medtech companies that offer more details about their median workers than required by the SEC pay disclosure rules, those median workers often hold technical roles such as device design or engineering.
Medtronic employee count
Medtronic said it had 101,369 total employees as of Feb. 2. 2026, up 1.1% from 100,229 the year before.
About 44% of Medtronic’s employees are in the U.S., compared to 43% the year before.
Medtronic’s 2026 annual meeting
Medtronic will hold its annual meeting on Oct. 15 in Galway, Ireland. Investors will vote on Medtronic’s board of directors, executive compensation practices and proposals from shareholders.
At last year’s meeting, shareholders overwhelmingly approved Medtronic’s executive compensation packages in an advisory “say-on-pay” vote.
More medtech compensation analysis for CEOs, top-paid executives and median workers
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- Teleflex executive pay disclosure includes severance payouts after $2B sale
- Globus Medical’s executives and median employee got big pay increases in 2025
- Dexcom’s latest executive pay disclosure covers new CEO’s big year
- Solventum executive pay disclosure includes $11M severance for ex-MedSurg leader
- Edwards Lifesciences reports double-digit pay increases for executives and median employee
- Zimmer Biomet discloses executive pay and double-digit increase for its median employee
- Siemens Healthineers CEO and HR leader got double-digit pay increases
- Alcon increases executive comp budget to close ‘transatlantic pay gap’
- Accendra Health (formerly Owens & Minor) discloses executive pay
- Baxter discloses executive pay under new CEO and golden parachute for the last CEO
- Stryker pay drops for top executives and the median employee
- Henry Schein discloses exec pay for longtime CEO Stan Bergman’s final year
- Abbott’s device leader pay climbs again with double-digit sales growth
- Medtech CDMO Integer discloses executive pay after new CEO steps in
- Cardinal Health reported a big increase in median worker pay
- GE HeathCare discloses CEO pay decrease but increases for other execs and the median employee
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- Johnson & Johnson discloses executive pay, denies them a talc fight ‘windfall’
- Boston Scientific CEO pay rises again along with median employee pay
- Intuitive discloses CEO pay with new leader at the helm
- Medtronic discloses pay for Diabetes leaders ahead of MiniMed IPO
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