Steris has disclosed pay packages for top executives and compensation for its median employee in a new report covering the medtech sterilization provider and medical device manufacturer’s fiscal 2025, which ended March 31, 2025.
Steris is the world’s 25th-largest medical device company, according to our 2024 Medtech Big 100 ranking by revenue. That ranking was based on the company’s fiscal 2024 sales of $5.1 billion. Steris reported fiscal 2025 revenue of $5.5 million.
“Fiscal 2025 marked another year of solid performance and strategic progress for Steris,” the company said in the filing. “We delivered 6% revenue growth, driven primarily by continued strength in our Healthcare and Applied Sterilization Technologies (AST) segments. This top-line growth translated into an increase in net income, supported by lower interest expense.”
“Additionally, we executed on our previously announced restructuring initiatives, positioning the company to realize further cost savings in fiscal 2026,” the company later continued. “These actions underscore our commitment to driving long-term value for shareholders through focused execution, financial discipline, and strategic capital allocation.”
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.
Steris executive pay
Steris President and CEO Daniel Carestio [Photo courtesy of Steris]
Carestio’s total compensation increased 12% from $9.6 million the year before.
Steris paid SVP and CFO Michael Tokich $3.3 million in fiscal 2025, including a $633,463 salary, $782,156 in stock awards, $1.5 million in option awards, and a $430,708 MICP bonus. Tokich also received other compensation totaling $13,994 for 401(k) plan contribution matches and mobile phone expenses.
Tokich’s total compensation increased 2% from $3.2 million the year before.
Steris SVP, General Counsel, and Company Secretary J. Adam Zangerle [Photo courtesy of Steris]
Zangerle’s total compensation increased 11% from $2.6 million the year before.
Steris paid SVP and Healthcare President Cary Majors $2.2 million in fiscal 2025, including a $519,247 salary, $543,602 in stock awards, $815,814 in option awards, and a $330,750 MICP bonus under. Majors also received other compensation totaling $11,816 for 401(k) plan contribution matches and mobile phone expenses.
Majors’s total compensation increased 4% from $2.1 million the year before.
Steris SVP and Chief Human Resources Officer Mary Clare Fraser [Photo courtesy of Steris]
Fraser’s total compensation increased 2% from $1.8 million the year before.
The company said it designed its management compensation programs “to align management’s interests with the long-term interests of shareholders and to support and promote the achievement of our goals and objectives by helping to recruit and retain executive talent required to successfully manage our business.”
“Our management compensation programs also seek to align compensation with individual and company performance to achieve the goals and objectives of the business by providing and balancing incentives for annual financial performance as well as the generation of long-term value,” the company continued.
Steris 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.
Steris calculated its median employee’s wage at $70,915, up 4% from $68,040 the year before.
The latest median employee pay figure put Steris’s CEO pay at 151 times more than its median employee’s pay. That pay gap widened from 141:1 the year before.
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.
Steris investors will cast advisory “say-on-pay” votes on the company’s executive compensation practices at the July 31 annual meeting. Shareholders overwhelmingly voted in support of the company’s executive pay packages last year.
More medtech compensation analysis for CEOs, top-paid executives and median workers
- Siemens Healthineers reports higher pay for some executives, lower pay for others
- Henry Schein discloses pay hikes for top leaders
- Owens & Minor executive pay disclosure includes severance for C-suite ouster
- Alcon makes its case on executive pay after last year’s lack of investor support
- GE HealthCare executive compensation plunges after one-time spinoff awards
- Zimmer Biomet discloses pay packages for top executives and its median employee
- Edwards Lifesciences reports $14.6M in pay for CEO’s first full year; median employee pay jumps
- BD reports pay increases for some execs, decreases for others
- Baxter CEO pay surged before his departure — along with the median employee’s wage
- Stryker increases pay for top execs, reports slightly lower wage for median employee
- Solventum paid CEO Bryan Hanson $40M in spinoff’s first year
- 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
- Cardinal Health CEO pay climbs to $25M; Median worker pay dropped
- Johnson & Johnson discloses executive pay and new security measures
- Medtronic CEO pay jumps 30%, employment and median worker pay drop
- No bonuses for Penumbra execs despite growing sales 25% to $1B
- Integer discloses executive pay, including separation payments for ex-EVPs
