• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • Latest News
  • Technologies
    • Artificial Intelligence (AI)
    • Cardiovascular
    • Orthopedics
    • Neurological
    • Diabetes
    • Surgical Robotics
  • Business & Finance
    • Wall Street Beat
    • Earnings Reports
    • Funding Roundup
    • Mergers & Acquisitions
    • Initial Public Offering (IPO)
    • Legal News
    • Personnel Moves
    • Medtech 100 Stock Index
  • Regulatory & Compliance
    • Food & Drug Administration (FDA)
    • Recalls
    • 510(k)
    • Pre-Market Approval (PMA)
    • MDSAP
    • Clinical Trials
  • Special Content
    • Special Reports
    • In-Depth Coverage
    • DeviceTalks
  • Podcasts
    • MassDevice Fast Five
    • DeviceTalks Weekly
    • OEM Talks
      • AbbottTalks
      • Boston ScientificTalks
      • DeviceTalks AI
      • IntuitiveTalks
      • MedtechWOMEN Talks
      • MedtronicTalks
      • Neuro Innovation Talks
      • Ortho Innovation Talks
      • Structural Heart Talks
      • StrykerTalks
  • Resources
    • About MassDevice
    • DeviceTalks
    • Newsletter Signup
    • Leadership in Medtech
    • Manufacturers & Suppliers Search
    • MedTech100 Index
    • Videos
    • Webinars
    • Whitepapers
    • Voices
Home » Henry Schein execs extend pay cuts

Henry Schein execs extend pay cuts

June 23, 2020 By Sean Whooley

Henry ScheinHenry Schein (NSDQ:HSIC) announced that it is continuing certain cost reduction measures, including payroll cuts, amid the COVID-19 pandemic.

The Melville, N.Y.-based medical device maker said in a news release that chairman and CEO Stanley Bergman agreed to extend his prior agreement to a temporary reduction of 100% of his base salary from April 6, 2020, through the end of the company’s fourth fiscal quarter.

Bergman also agreed that the extension of his salary reduction will not constitute “good reason” or breach under his employment agreement and will not confer or trigger additional rights or entitlements from him or the company or its affiliates.

Four of Henry Schein’s highest-paid executive officers serving as of Dec. 28, 2019, including its CFO, will continue temporary salary reductions at a level of 37.5% from June 29, 2020, the first business day of its third fiscal quarter, until a later date. Previously, they had taken a 50% reduction from April 6 through Jun 30.

Additionally, members of Henry Schein’s executive management committee will have their salaries reduced by 18.75% during the same period and members of management in VP roles will have salaries reduced by 7.5% in lieu of larger reductions from the prior period. The board of directors agreed to an 18.75% reduction of its non-employee directors’ cash retainer, having previously taken a 25% cut.

“The COVID-19 pandemic continues to present unprecedented challenges for the global economy,” Henry Schein said in the release. “As part of Henry Schein, Inc.’s broad-based effort to further support plans for the long-term health of its business and to strengthen its financial flexibility, Henry Schein, Inc. is continuing certain cost reduction measures that include certain reductions in payroll.

“As the COVID-19 pandemic evolves, the Company will continue to evaluate appropriate actions for its business.”

Filed Under: Business/Financial News Tagged With: coronavirus, COVID-19, Henry Schein Inc.

More recent news

  • Epiminder study backs implantable EEG tech
  • Neurent Medical wins FDA nod for next-gen chronic rhinitis treatment
  • Medtronic unveils “MiniMed” as name for soon-to-be separated Diabetes unit
  • Medtronic issues safety notice for Hugo surgical robot console in Europe
  • Aortyx raises $16M for bioresorbable aortic patch

About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

Primary Sidebar

“md
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest med device regulatory, business and technology news.

DeviceTalks Weekly

See More >

MEDTECH 100 Stock INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
MDO ad

Footer

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing
Medical Tubing + Extrusion
Drug Discovery & Development
Pharmaceutical Processing World
MedTech 100 Index
R&D World
Medical Design Sourcing

DeviceTalks Webinars, Podcasts, & Discussions

Attend our Monthly Webinars
Listen to our Weekly Podcasts
Join our DeviceTalks Tuesdays Discussion

MASSDEVICE

Subscribe to MassDevice E-Newsletter
Advertise with us
About
Contact us

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy