SEC Filings

DEFR14A
MEDTRONIC PLC filed this Form DEFR14A on 10/11/2017
Entire Document
 

COMPENSATION DISCUSSION AND ANALYSIS

 

This Compensation Discussion and Analysis (“CD&A”) describes the compensation program and compensation decisions made by the Compensation Committee in regard to the compensation of the following named executive officers (“NEOs”) for Fiscal Year 2017:

 

Name Title
Omar Ishrak Chairman and Chief Executive Officer
Karen L. Parkhill Executive Vice President and Chief Financial Officer (Effective June 20, 2016)
Michael J. Coyle Executive Vice President and Group President, Cardiac and Vascular Group
Bryan C. Hanson Executive Vice President and Group President, Minimally Invasive Therapies Group
Rob ten Hoedt Executive Vice President and Group President, Europe, Middle East, and Africa
Gary L. Ellis Former Executive Vice President and Chief Financial Officer (Through June 20, 2016)

 

Executive Summary

 

Business Context

 

Fiscal Year 2017 Highlights

 

During Fiscal Year 2017, we achieved solid results across all of our business groups and geographies. At the same time, we produced meaningful operating profit growth based on our synergy capture from the Covidien integration and our operating excellence initiatives. Performance with respect to our differentiated growth platforms was as follows: (i) revenue growth was mid-single digit range on a constant currency, constant week basis, (ii) diluted non-GAAP EPS growth was in the double digits on a constant currency, constant week basis, and (iii) free cash flow was $5.6 billion. Nevertheless, our performance fell slightly below the financial goals we set for Fiscal Year 2017, as illustrated below. As a result, our payout for the annual incentive plan was below target and paid out at 94.41%.

 

 

(1) You should refer to page 42 for more information.
(2) You should refer to page 44 for a definition of Revenue Growth and ROIC.

 

The Company is committed to deliver mid-single digit constant currency revenue growth and double-digit constant currency EPS growth over the long-term. With our diverse growth platforms and leadership in growth markets, we expect to create long-term value growth for our shareholders.

 

The Compensation Committee made the following compensation decisions for Fiscal Year 2017:

 

Base salary increases ranged from 3% to 10%, including promotions
   
Target annual incentive opportunities remained the same year-over-year
   
Long-term incentive opportunities increased 0% to 26%, including promotions

 

In addition, award payouts for the annual incentive plan and the three-year long-term performance plan were at 94.41% and 100% of target award opportunities, respectively, as summarized below.

 

MEDTRONIC PLC   2017 Proxy Statement    32

 
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