Medtronic paid new CEO Bill Hawkins $7.1 million

Hawkins, 54, was named CEO last August, replacing Art Collins, who had led the company since 2002.

For the year ended April 25, Hawkins received a $996,000 salary, a $971,749 performance-based bonus, and $46,000 in other compensation. He also received stock and options valued by the company at $5.1 million at the time they were awarded.

The entire pay package amounts to a 40 percent boost from the $5 million in compensation Hawkins received in 2007. He had served as the company's chief operating officer since 2004 and had previously run its vascular business.

Separate from his annual compensation, Hawkins received restricted stock awards worth nearly $2 million.

Collins, 60, racked up $2.1 million in compensation for the year, primarily as chairman of the company's board of directors. He is scheduled to step down Aug. 21, the day of the company's annual meeting.

Collins received $1 million in salary, $987,656 in performance-based bonus and $23,414 in miscellaneous salary. The amount is more than 70 percent less than what he received as CEO last fiscal year.

Separate from his annual compensation, Collins also exercised stock options worth $18 million and received $2.8 million in vesting stock awards.

Fridley-based Medtronic makes devices such as implantable heart defibrillators, spinal implants, and insulin pumps. After a strong run-up through the 1990s, Medtronic shares touched $62 on Dec. 26, 2000, but they have been treading water in recent years, trading at around $53 on Friday.

For fiscal 2008, Medtronic earned $2.23 billion, or $1.95 per share, down from $2.8 billion, or $2.41 per share a year ago. Revenue rose to almost $13.52 billion, up from about $12.3 billion a year earlier.