Zimmer Biomet CEO forgoing his salary amid coronavirus pandemic

Zimmer Biomet (NYSE:ZBH) announced that president & CEO Bryan Hanson is forgoing 100% of his salary among other steps the company is taking in response to the COVID-19 pandemic.

The orthopedics company said after yesterday’s market close that it is cutting pay for its leadership team and board of directors. According to Zimmer Biomet’s most recent proxy statement, Hanson’s 2019 salary was $1,088,769 as part of a total compensation of nearly $11.2 million. Like other orthopedics device companies, Zimmer Biomet has been hit hard by federal guidelines recommending the suspension of elective surgeries such as knee and hip replacements during the pandemic.

Zimmer Biomet also reported cost-cutting moves including reductions in discretionary spending and decreasing manufacturing output and “reinforcing business continuity in manufacturing facilities and supply chain,” according to a news release.

“The coronavirus pandemic has had an unprecedented impact on global economic activity and we are responding by taking decisive actions designed to ensure the safety of our team members, strengthen our financial position and navigate this new environment,” Hanson said in the release. “While we cannot predict the duration of this crisis, we remain confident in our team, our strategy and in the long-term underlying strength of the Zimmer Biomet portfolio and innovation pipeline.”

By | MassDevice

Image Credit: Zimmer Biomet

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About Peter Coffaro 761 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the orthopedic industry. Recognized by MedReps.com as one of the top medical sales influencers in the industry; he has 10 years of combined sales management experience and has held positions as a Director, General Manager and Distributor. Peter has worked for some of the top orthopedic companies in the world - Zimmer, DePuy and Stryker. He is also the founder of OrthoFeed: a popular blog that covers orthopedic news and emerging medical technologies. Peter is a three-time Hall of Fame award winner at Johnson and Johnson and has an extensive background in organizational development, business development, sales management, digital marketing and professional education. Peter holds a B.S. degree in Biology from Northern Illinois University.

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