Siemens Healthineers CEO Bernhard Montag [Photo courtesy of Siemens Healthineers]
Siemens Healthineers reported single-digit increases in compensation for its CEO and human resources chief, along with pay decreases for two other leaders.
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.
Erlangen, Germany-based Siemens Healthineers is the world’s third-largest medical device company, according to our 2024 Medtech Big 100 ranking. That ranking was based on the company’s 2023 revenue of $23.4 billion.
The company reported revenue of $24.9 billion for fiscal 2024, an increase of about 5% when excluding currency changes and other noncomparables. (This amount and the compensation figures below have been converted from euros to U.S. dollars using the exchange rate as of the end of the company’s fiscal year on Sept. 30, 2024.)
Siemens Healthineers executive pay
Siemens Healthineers CFO Jochen Schmitz [Photo courtesy of Siemens Healthineers]
Montag’s compensation increased 3% from $7.1 million the year before.
Siemens Healthineers CFO Jochen Schmitz received $4.5 million in total compensation for fiscal 2024. That included a salary of around $958,000, $2.4 million worth of stock awards, a bonus worth around $760,000, around $324,000 in pension contributions and costs, and about $20,000 worth of fringe benefits.
Siemens Healthineers Chief Human Resources Officer Darleen Caron [Photo courtesy of Siemens Healthineers]
Siemens Healthineers Chief Human Resources Officer Darleen Caron received $2.1 million in total compensation for fiscal 2024. That included a salary of around $891,000, a bonus worth around $735,000, and about $80,000 worth of fringe benefits. Caron also received around $356,000 instead of participating in the Siemens Healthineers Defined Contribution Benefit Plan.
Caron’s compensation increased 4% from $2 million the year before.
Siemens Healthineers Managing Board member Elisabeth Staudinger — who was executive chair of Siemens Healthineers Ltd. China until the end of fiscal 2024 — received $1.8 million in fiscal 2024. That included a salary of approximately $852,000, a bonus worth around $665,000, about $146,000 worth of fringe benefits and around $107,000 in pension contributions and costs,
Siemens Healthineers Managing Board member Elisabeth Staudinger [Photo courtesy of Siemens Healthineers]
“The compensation system for the managing board is designed to incentivize the implementation of the company’s strategy as well as the value-creating long-term development of the company, while at the same time avoiding disproportionate risks,” the company said in its disclosure. “To this end, it should provide the right incentives for increasing earnings — measured in terms of compensation-relevant adjusted basic [earnings per share] and compensation-relevant comparable revenue growth, as well as other relevant strategic topics aimed at the company’s sustainable development.”
Investors overwhelmingly approved the company’s compensation practices at the annual meeting in February.
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