Zimmer Biomet CEO forgoing his salary amid coronavirus pandemic

April 7, 2020 COVID-19, Medical Devices, Orthopedics, Zimmer Biomet

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 Sean Whooley | MassDevice

Image Credit: Zimmer Biomet

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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.