Zimmer Biomet President and CEO Ivan Tornos [Photo courtesy of Zimmer Biomet]
Zimmer Biomet is the world’s 18th-largest medical device company, according to our 2025 Medtech Big 100 ranking by revenue. That ranking was based on the company’s 2024 revenue of $7.68 billion. The company reported $8.23 billion in revenue for 2025, up 7% from the year before.
Zimmer Biomet’s revenue increase was partly driven by its $1.3 billion acquisition of Paragon 28 in April 2025 to expand its own foot and ankle segment. That medical device company focuses exclusively on foot and ankle orthopedics. ZB also expanded its robotics portfolio in 2025 by acquiring AI-driven robotics company Monogram Technologies.
Related: How ZB’s Paragon 28 created a novel curved foot nail system
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.
Zimmer Biomet 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.
Zimmer Biomet President and CEO Ivan Tornos received $16.1 million in total compensation for 2025, up 7% from $15 million the year before.
Tornos’ compensation included a $1.3 million salary, $12 million in stock awards and a $2.4 million cash performance bonus.
He also received $403,836 in other compensation, including $178,842 for non-business use of corporate aircraft, $160,221 for deferred compensation plan contribution matching, $21,000 in company 401(k) plan matching contributions, $11,938 for personal tax assistance, $21,250 for security assessment, $8,065 for an executive physical and $2,520 in disability insurance premiums.
Zimmer Biomet SVP and Chief Strategy, Business Development, Innovation and Transformation Officer Jehanzeb Noor [Photo courtesy of Zimmer Biomet]
Noor’s compensation was paid in Swiss Francs, but ZB converted to U.S. dollars using the average exchange rate for 2025 of 1.2043 USD.
Noor joined the company in March after serving as president and managing director for Europe, Africa and Asia at Trivium.
Noor’s compensation included a $683,000 salary, a one-time $1.1 million cash bonus intended to replace cash payments he forfeited to join Zimmer Biomet, $5.1 million in stock awards, a $730,913 cash performance bonus and a $217,165 change in pension value. He also received a company car allowance worth $27,409.
Former Zimmer Biomet CFO and EVP of Finance, Operations and Supply Chain Suketu Upadhyay [Photo courtesy of Zimmer Biomet]
Upadhyay’s compensation included a $906,780 salary, $4 million in stock awards and a $1.1 million cash performance bonus.
He also received $163,284 in other compensation, including including $38,857 for non-business use of the corporate aircraft, $82,664 for deferred compensation plan contribution matching, $21,000 in company 401(k) plan matching contributions, $12,000 for personal tax assistance, $5,500 for an executive physical and $3,263 in disability insurance premiums.
Upadhyay left Zimmer Biomet on April 28, 2026, to become CFO at biotech company Incyte. Zimmer Biomet Controller and Chief Accounting Officer Paul Stellato was promoted to interim CFO as the company searches for a permanent successor.
Zimmer Biomet Global Business and the Americas Group President Kevin Thornal [Photo courtesy of Zimmer Biomet]
Thornal joined the company on July 1 after serving as president and CEO of Nervo Corp. until its acquisition by Globus Medical in April 2025.
Thornal’s 2025 compensation included a $405,385 salary, $5.3 million in stock awards and a $505,275 cash performance bonus.
Zimmer Biomet EMEA Group President Wilfred van Zuilen received $4.1 million in total compensation for 2025, up 17% from $3.5 the year before.
Zimmer Biomet EMEA Group President Wilfred van Zuilen [Photo courtesy of Zimmer Biomet]
Van Zuilen’s compensation included a $743,149 salary, $2 million in stock awards, a $730,333 cash performance bonus and a $553,503 change in pension value.
He also received $112,327 in other compensation, including a $67,449 corporate paid apartment, a $33,213 company car allowance and $11,710 for tax assistance.
Zimmer Biomet’s executive compensation packages are meant to “attract, retain and motivate a highly qualified and effective senior leadership team; focus executives’ attention on specific financial, operational and strategic objectives; create a direct relationship between pay and performance; align executives’ interests with the long-term interests of our shareholders; recognize company and individual performance; and reflect the value of each executive’s position in the market and within the company,” ZB said in the securities filing.
Zimmer Biomet’s 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.
Zimmer Biomet calculated its median employee compensation at $80,380 for 2025, up 18% from $68,111 the year before.
The latest median employee pay figure put Zimmer Biomet’s CEO pay at 200 times more than its median employee’s pay. That pay gap narrowed from 220:1 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.
Zimmer Biomet investors will cast advisory “say-on-pay” votes on the company’s executive compensation practices at its May 22 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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- 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
- BD reports lower CEO pay but increases for other execs and the median worker
- 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
