Boston Scientific temporarily cutting hours for most of its U.S. workers

Boston Scientific (NYSE:BSX) announced today that it is taking actions in response to the COVID-19 pandemic, including pay cuts.

In anticipation of an even larger impact from the coronavirus outbreak in the second quarter, the Marlborough, Mass.-based company said in a news release that it is taking proactive steps to reduce costs so it can be in a strong position when healthcare systems begin to recover and elective procedures return to normal volumes.

The company said it is significantly reducing the salaries of its CEO, board of directors and executive committee members and, where appropriate, temporarily reducing workweek schedules for employees. According to a company statement, the temporary cuts include a four-day workweek for much of the company’s U.S. workforce over the next 90 days, which represents a 5% salary decrease for the year.

Other measures include decreasing discretionary spending and implementing precautionary measures to ensure business continuity in supply chain and manufacturing. Precautions include rotational shifts, segregating buildings and limiting movements across sites.

By | MassDevice

Image Credit: Boston Scientific

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Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.

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