Curacao-based Orthofix International (OFIX 0.61%) announced Wednesday that CEO Robert Vaters has resigned "to pursue other interests." Immediately upon the announcement, though Orthofix announced his replacement -- inventor, Breg founder, and former Orthofix executive (from 2003 to 2010) Brad Mason.
Mason, who is returning to the company after a three-year absence, will assume the titles of president and CEO. In a statement, Mason pronounced himself "extremely excited to come back to Orthofix."
As well he should be. According to a filing Orthofix sent to the SEC after close of trading today, Mason will receive compensation of:
- no less than $580,000 per year
- a target bonus opportunity worth at least 125% of his then-current base salary (that's $725,000)
- a potential maximum bonus under such plan of not less than 188.5% of his then-current base salary ($1,093,300)
- 10,000 restricted shares of common stock
- 150,000 stock options
- a $900-a-month car allowance.
Orthofix shares closed 0.3% higher at $38.82 in Wednesday trading.
