Covidien CEO Jose Almeida received $49 million after selling the company to Medtronic, accourding to a Southern Business Journal report.
He was listed among the top 10 highest CEOs paid after selling their companies. His pay will be primarily in the form of stock rewards. Covidien was sold in a deal announced this past summer and expected to close in the first quarter of 2015. After merging with Medtronic, the combined company plans to move headquarters to Ireland, where Covidien is currently located, and become Medtronic plc.
As a result of the transaction, Mr. Almeida will also receive $84,000 in perquisites and benefits, which includes 12 months of outplacement services, according to the report.
Jeffrey Binder, CEO of Biomet, also made the list. Mr. Binder sold Biomet to Zimmer earlier this year. Nearly all pay to Mr. Binder was in stock rewards that would take years for him to receive if he didn't sell thte company, according to the report, and he is able to receive the money "even if he keeps his job."
The Zimmer-Biomet acquisition is also expected to complete early next year.