Henry Schein execs extend pay cuts - MassDevice

Henry ScheinHSIC) announced that it is continuing certain cost reduction measures, including payroll cuts, amid the COVID-19 pandemic.

The Melville, N.Y.-based medical device maker said in a news release that chairman and CEO Stanley Bergman agreed to extend his prior agreement to a temporary reduction of 100% of his base salary from April 6, 2020, through the end of the company’s fourth fiscal quarter.

Bergman also agreed that the extension of his salary reduction will not constitute “good reason” or breach under his employment agreement and will not confer or trigger additional rights or entitlements from him or the company or its affiliates.

Four of Henry Schein’s highest-paid executive officers serving as of Dec. 28, 2019, including its CFO, will continue temporary salary reductions at a level of 37.5% from June 29, 2020, the first business day of its third fiscal quarter, until a later date. Previously, they had taken a 50% reduction from April 6 through Jun 30.

Additionally, members of Henry Schein’s executive management committee will have their salaries reduced by 18.75% during the same period and members of management in VP roles will have salaries reduced by 7.5% in lieu of larger reductions from the prior period. The board of directors agreed to an 18.75% reduction of its non-employee directors’ cash retainer, having previously taken a 25% cut.

“The COVID-19 pandemic continues to present unprecedented challenges for the global economy,” Henry Schein said in the release. “As part of Henry Schein, Inc.’s broad-based effort to further support plans for the long-term health of its business and to strengthen its financial flexibility, Henry Schein, Inc. is continuing certain cost reduction measures that include certain reductions in payroll.

“As the COVID-19 pandemic evolves, the Company will continue to evaluate appropriate actions for its business.”

RSS From Medical Design & Outsourcing

  • DOD launches $100m initiative to return COVID-19-related medtech, pharma manufacturing to the U.S.
    The U.S. Department of Defense announced today that it will dedicate $100 million ized by the CARES Act to boost medtech and pharmaceutical manufacturing in the U.S. Working with DOD, the U.S. International Development Finance Corporation (DFC) launched a request for proposals from companies seeking financing under the Defense Production Act, which prioritizes government orders… […]
  • Hahn says FDA will keep some COVID-19-era changes in place
    The head of the FDA says some changes the agency made during the height of the COVID-19 pandemic will become permanent. Dr. Stephen Hahn told members of the Medical Device Innovation Consortium (MDIC) on June 19 that the agency will rely even more on real-world evidence regarding the performance of approved or cleared devices and… […]
  • DeviceTalks Weekly: Stryker CEO Kevin Lobo says medtech can increase workforce diversity
    This week’s DeviceTalks Weekly podcast episode talks with industry leaders about improving worker diversity and developing new ways to treat COVID-19 patients. Kevin Lobo, chairman and CEO of Stryker, explains how his company — and the industry group AdvaMed — has been working  to increase diversity of its workforce, particularly in senior and sales positions.… […]
  • COVID-19 lessons learned: 2 manufacturers, a healthcare system and a logistics company share their wisdom
    The COVID-19 pandemic put medtech contract manufacturers, OEMs, distributors and healthcare providers in situations for which they were unprepared, particularly with their supply chains. What they learned will undoubtedly help them all going forward, especially if the world faces a second wave or another novel virus. Here are some supply chain lessons learned by a… […]
  • Assisted living survey shows ongoing struggle for supplies during COVID-19 pandemic
    A survey of National Center for Assisted Living members revealed that a number of people are still facing equipment shortages during the COVID-19 pandemic. Assisted living facilities have been hit particularly hard by the virus, with a recent report from the Associated Press citing government data confirming that nursing 真人百家家乐app下载home residents account for nearly 1 in 10… […]
  • Medtronic, Foxconn aim to make 10,000 ventilators
    Medtronic (NYSE:MDT) and Foxconn said today they will boost ventilator production to 10,000 over the next year at Foxconn’s Wisconsin plant. The companies announced in April that Foxconn would begin production of Medtronic’s Puritan Bennett 560 ventilators at the plant in Mount Pleasant, Wis., with a goal of 400 ventilators per week by the end of… […]
  • NeuroOne names director of electrode development
    NeuroOne Medical Technologies said this week that it has appointed Camilo Andres Diaz-Botia as director of electrode development. Diaz-Botia previously led the microfabrication process engineering team at Neuralink, a company that’s developing a high-bandwidth brain-machine interface. Under his direction, the team built and designed novel processes for integration of thin-film neural probes with brain-machine interface… […]
  • GE Healthcare launches chest X-ray AI to better spot COVID-19
    Officials at GE Healthcare (NYSE:GE) think the company’s new Thoracic Care Suite — a collection of eight AI algorithms from Lunit Insight CXR — could help clinicians in the fight against COVID-19. The AI suite, launched today, quickly analyzes chest X-ray findings and flags abnormalities for radiologist review, according to GE. It can spot potential pneumonia… […]
  • Case Medical lands patent for prion-decontamination formula
    Case Medical (South Hackensack, N.J.) announced that it was awarded a U.S. patent for a cleaning solution designed to reprocess medical devices affected by prion contamination. Prions are misfolded proteins that can cause unfolding in normal prion proteins most commonly found in the brain, but also in the spine, eye, spleen, and lymphoid tissues, according… […]
  • Technical Safety Services wins EUA for decontaminating masks
    Technical Safety Services (TSS) announced today that the FDA has issued an emergency use ization (EUA) using vaporized hydrogen peroxide (VHP) to decontaminate compatible N95 respirators in the United States for multiple-user reuse by health care personnel. The Berkeley, Calif.-based company has engineered and customized a scalable decontamination system specific to the process of using… […]
  • China issues new procedures for medical device registration
    By Timothy Herr, Emergo Group China’s Center for Medical Device Evaluation (CMDE) issued two announcements recently outlining revised procedures relating to medical device registration. Get the full story here at the Emergo Group’s blog. The opinions expressed in this blog post are the ’s only and do not necessarily reflect those of MedicalDesignandOutsourcing.com or its… […]

Leave a Reply Cancel reply

You must be logged in to post a comment.