Curacao-based Orthofix International (NASDAQ:OFIX) 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.
Fool contributor Rich Smith has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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