MacMillan’s pay included more than $1.3 million in salary, $3.6 million in stock awards and $3.1 million in option awards in 2011, doubling the $4.7 million he received in 2010.
It was his 1st salary increase and stock award in 3 years, according to regulatory filings. His total take-home for 2010 was just under $4 million.
MacMillan walked away from the corner office last month with $5.5 million in cash, plus the rights to purchase up to $65 million worth of company stock, among other perks.
That’s equal to 24 months of MacMillan’s annual base salary of $1.25 million, plus 200% of his "current target annual bonus of 125% of base salary." He will also still receive his 2011 bonus of $1.16 million, which will be paid at the same time as other executives receive their performance bonuses, typically by the end of March.
MacMillan will keep about 1.2 million shares in stock options he’s been granted over his 7-year tenure. Those options, valued at about $65 million based on SYK’s closing price of $53.92 at the close of market yesterday, will vest immediately and remain exercisable for 2 years.
MacMillan abruptly resigned Feb. 9 to devote his time to dealing with family issues. He has since resigned his seat on the board of Texas Instruments (NSDQ:TXN).
The move, which coincided with the orthopedic industry’s annual confab at the American Assn. of Orthopedic Surgeons annual meeting, shocked the device world, as MacMillan was considered an accomplished leader who had guided Stryker to growth in a horrific business climate.
SYK shares were up 31 cents on Wall Street today, trading at $55.21 as of about 1:30 p.m.