Edwards Lifesciences (NYSE:EW) said it plans to buy back another $750 million worth of its own stock during the 2nd quarter, with CEO Michael Mussallem buying another $5 million worth on his own.

The Irvine, Calif.-based medical device company said its board OK’d the buyback on top of the $140 million left in a prior, $500 million repurchasing plan.

"The board of directors’ authorization of the new share repurchase program reaffirms our belief in Edwards’ long-term growth potential, and provides us with an opportunity to continue returning value to shareholders," Mussallem said in prepared remarks. "On an individual basis, I’m making this increased investment in Edwards to demonstrate my confidence in the future growth of the company and its continuing ability to aggressively develop innovative products and extend its leadership positions."

Mussallem will buy his new stake today, paying either the closing price or the average of the past 10 trading days’ closing prices, whichever is higher. The CEO already owns some 323,000 shares of EW stock, Edwards said.

The new sent shares up 6.5% to $71.70 apiece as of about 3 p.m. today, the same day the company announced the retirement of CFO Thomas Abate.