> Amount Paid: $39.6 Million
> Days Worked: 1,033 Days
> Amount Paid Per Day: $38,335
J. Raymond Elliott, the chief executive of medical device maker Boston Scientific, has announced that he will be leaving his position at the end 2011. This announcement comes just two years after Elliott signed on to his position, a move that many hoped would turn the company around after a period of heavy debt and low revenues. Unfortunately for investors, that success was never fully realized. Just last year, the company’s adjusted earnings fell 11 percent to $1.05 billion.
Elliott was paid $33.5 million in 2009, including a $1.5 million signing bonus, for leaving orthopedic maker Zimmer Holdings to work for Boston Scientific. He went on to collect $4.9 million in 2010 and will make $1.2 million this year. Specific reasoning for Elliott’s departure has not been given, however Boston Scientific quoted him saying that it was “time for [him] to permanently pass the baton to a long-term C.E.O.” One must wonder, was Elliott never meant to be that long-term C.E.O.? If not, Boston Scientific should have found a more useful way to spend its $38,335 each day.
Charles Stockdale
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