BOSTON, Dec 30 (Reuters) - Medical device maker Medtronic Inc will pay outgoing Chief Executive William Hawkins his salary, bonus and benefits for a year following his departure in return for helping the new management.
Medtronic will pay Hawkins's annual salary of $104,167 a month, plus benefits and bonuses, through the end of April 2012, the company said on Thursday. It also will pay him a lump sum of about $3.8 million.
Hawkins, 56, said on Dec. 20 that he would step down as CEO and chairman at the end of the company's fiscal year, ending April 20, 2011, or when a successor is appointed. The board is searching outside the company for a new CEO.
Hawkins's retirement follows a three-year tenure during which the company's stock price disappointed investors.
(Reporting by Toni Clarke. Editing by Robert MacMillan) Keywords: MEDTRONIC/ (toni.clarke@thomsonreuters.com; 617-856-4340; reuters messaging: toni.clarke.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Medtronic will pay Hawkins's annual salary of $104,167 a month, plus benefits and bonuses, through the end of April 2012, the company said on Thursday. It also will pay him a lump sum of about $3.8 million.
Hawkins, 56, said on Dec. 20 that he would step down as CEO and chairman at the end of the company's fiscal year, ending April 20, 2011, or when a successor is appointed. The board is searching outside the company for a new CEO.
Hawkins's retirement follows a three-year tenure during which the company's stock price disappointed investors.
(Reporting by Toni Clarke. Editing by Robert MacMillan) Keywords: MEDTRONIC/ (toni.clarke@thomsonreuters.com; 617-856-4340; reuters messaging: toni.clarke.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.