Owens & Minor disclosed larger pay packages for its CEO and two top executives in 2024, but said pay remained relatively flat for its median employee.
The medical device manufacturer and distributor’s executive pay disclosure also included $1.2 million in severance for a C-suite leader who was asked to resign.
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.
Owens & Minor is the world’s 14th-largest medical device company, according to our 2024 Medtech Big 100 ranking by revenue. That ranking was based on Owens & Minor’s revenue of $10.3 billion in 2023. Revenue grew 4% to $10.7 billion in fiscal 2024 (ended Dec. 31, 2024).
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Owens & Minor executive pay
Owens & Minor President and CEO Ed Pesicka [Photo courtesy of Owens & Minor]
Pesicka also received other compensation totaling $72,848, including $38,012 for corporate aircraft use, $15,000 for tax planning, $13,800 for defined contribution plans matches/contributions, and $5,400 for executive physical costs.
Pesicka’s total compensation increased 28% from $8.4 million the year before.
Owens & Minor’s second-highest-paid executive in 2024 was EVP and CEO of Products & Healthcare Services Andy Long at $4 million, which included a $674,904 salary, $2.7 million in stock awards, and a $650,750 performance incentive payout. Long also received other compensation amounting to $18,127.
Owens & Minor EVP and CEO of Products & Healthcare Services Andy Long [Photo courtesy of Owens & Minor]
Owens & Minor’s third-highest-paid executive in 2024 was EVP and CEO of Patient Direct Perry Bernocchi at $3.7 million, including a $612,692 salary, $2.4 million in stock awards, and a $652,050 performance incentive payout. Bernocchi also received other compensation totaling $27,269.
Bernocchi’s total compensation increased 14% from $3.2 million the year before.
Owens & Minor’s fourth-highest-paid executive in 2024 was former EVP and CFO Alexander Bruni at $2.9 million in 2024, including a $398,942 salary and $1.3 million in stock awards. Bruni also received other compensation of $1.2 million, mostly severance payments for his termination without cause after he resigned at the company’s request.
Bruni’s total compensation increased 44% from $2 million the year before.
Owens & Minor’s fifth-highest-paid executive in 2024 was EVP and CFO Jon Leon at $2.3 million, including a $446,635 salary, $1.5 million in stock awards, and a $298,431 performance incentive payout. Leon also received other compensation totaling $19,496.
Leon’s prior-year compensation was not disclosed. He received a 29% salary increase in September 2024 for his promotion to CFO and EVP.
Owens & Minor’s sixth-highest-paid executive in 2024 was EVP, General Counsel and Corporate Secretary Heath Galloway at $2.2 million, including a $485,577 salary, $1.3 million in stock awards, and a $375,000 performance incentive payout. Galloway also received other compensation totaling $22,964.
Galloway’s prior-year compensation was not disclosed.
“Our executive compensation programs are designed to reflect a pay-for-performancephilosophy that aligns with the business’s strategy and goals, both short and long-term, and pays for sustained performance, profitable growth, and achievement of results,” the company said in the securities filing.
Owens & Minor median worker pay and CEO pay ratio
The U.S. Securities and Exchange Commission requires publicly traded companies to calculate the gap between CEO compensation and pay for its median employee.
Owens & Minor calculated its median employee wage at $40,368 for 2024, up less than 1% from $40,143 the year before.
The latest median employee pay figure put Owens & Minor’s CEO pay at 266 times more than its median employee’s pay. That pay gap widened from 209:1 the year before.
In 2023 , Owens & Minor disclosed a 1,005:1 CEO pay ratio based on median employee compensation of $6,216.
“The integration of the Apria, Inc. population in 2023, which consisted of approximately 6,400 teammates, greatly reduced the CEO pay ratio in 2023 and continues to impact the CEO pay ratio for 2024,” the company said in its latest filing.
2023: Owens & Minor executive pay dropped ahead of realignment
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.
Investors will cast advisory “say-on-pay” votes on the company’s executive compensation practices at the May 15 annual meeting. Shareholders overwhelmingly voted in support of the company’s executive pay the year before.
More medtech compensation analysis for CEOs, top-paid executives and median workers
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