Jeffrey Mirviss
BOSTON SCIENTIFICAbout Jeffrey Mirviss
Jeffrey B. Mirviss, age 59, is Executive Vice President and President, Peripheral Interventions (PI) at Boston Scientific, a role he has held since February 2020 after joining the company in 1997; he oversees PI plus Latin America, Canada, and Government Affairs, and holds an MBA (University of St. Thomas) and BA (University of Minnesota) . Company performance drivers that fund his incentives include achieving 2024 Adjusted Net Sales of $16.741B vs $15.610B target, Adjusted EPS $2.51 vs $2.25 target, and Adjusted Operating Income Margin 27% vs 26.7% target, which resulted in maximum annual bonus funding of 150%; relative TSR awards for 2022–2024 paid at 200% at the 93rd percentile versus S&P 500 Health Care peers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Boston Scientific | EVP & President, Peripheral Interventions | 2020–present | Leads PI business and regional teams (LATAM, Canada, Gov’t Affairs); delivered strong financial results and product milestones |
| Boston Scientific | SVP & President, Peripheral Interventions | 2013–2020 | Drove innovation and commercialization in arterial/venous and oncology therapies |
| Boston Scientific | President, Peripheral Interventions | 2011–2013 | Advanced PI strategy and execution |
| Boston Scientific | VP, Group Global Marketing, Cardiology, Rhythm & Vascular | 2010–2011 | Led global marketing across CRV portfolio |
| Boston Scientific | VP, Global Cardiology Marketing | 2008–2010 | Built global cardiology marketing capabilities |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various (pre-BSX) | Roles at a pre-revenue med device startup and Dow 30 companies | Pre-1997 | General management, marketing, sales experience across company sizes |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $631,986 | $652,646 | $680,411 |
| Base Salary (committee-approved, rounded) | — | — | $685,000 |
Performance Compensation
Annual Bonus Plan (ABP) – Company Metrics and Funding
| Metric | Target | Actual | Achievement | Funding Range | Company Applicable Distribution % |
|---|---|---|---|---|---|
| Adjusted Net Sales ($B) | $15.610 | $16.741 | 107% of plan (Above Target) | 135%–155% | 150% |
| Adjusted EPS ($) | $2.25 | $2.51 | 112% of plan (Above Target) | 135%–155% | 150% |
| Adjusted Operating Income Margin (%) | 26.7% | 27% | 101% of plan (Above Target) | 115%–135% | 150% |
| ESG/Quality Modifiers | N/A | No modification applied | N/A | N/A | N/A |
ABP – Mirviss 2024 Award
| Item | Value |
|---|---|
| Base Salary (as of FY end) | $685,000 |
| Target Annual Bonus (% of base) | 75% |
| 2024 Target Award ($) | $514,000 |
| Applicable Distribution % | 150% |
| Individual Performance Modifier | 100% |
| 2024 ABP Actual Award ($) | $771,000 |
| Actual Award as % of Target | 150% |
| Notable 2024 Objectives/Achievements | Outstanding financial results; key regulatory/clinical milestones; inclusive culture; leadership of LATAM/Canada/Gov’t Affairs |
Long-Term Incentives (LTI) – Design and 2024 Grants
- Mix: 25% rTSR PSUs, 25% ONSG PSUs, 25% stock options, 25% service-based RSUs; options/RSUs vest in 4 equal annual installments; PSUs typically vest at end of 3-year performance period; options have 10-year term; repricing prohibited .
- 2022 rTSR PSP earned at 200% based on 93rd percentile TSR vs S&P 500 Health Care; settled Feb 2025 .
| 2024 Grant Type | Grant Date | Target Units | Max Units | Exercise Price | Vesting/Term | Grant-Date FV ($) |
|---|---|---|---|---|---|---|
| rTSR PSUs | 2/12/2024 | 8,462 | 16,924 | N/A | 3-year performance & service | $549,945 |
| ONSG PSUs | 2/12/2024 | 8,462 | 16,924 | N/A | 3-year performance & service | $788,066 |
| Service RSUs | 2/12/2024 | 8,462 | N/A | N/A | 4-year ratable | $549,945 |
| Stock Options | 2/12/2024 | 22,311 | N/A | $64.99 | 4-year ratable; 10-year term | $549,993 |
Options Exercised and RSUs Vested (2024)
| Item | Quantity | Value Realized ($) |
|---|---|---|
| Options exercised | 63,898 | $3,233,503 |
| RSUs vested | 56,001 | $3,519,194 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Mar 7, 2025) | 285,142 shares; <1% of outstanding |
| Options exercisable within 60 days | 259,376 shares |
| Stock ownership guidelines | Executives 3x base salary; retain ≥50% of net shares until compliant; NEOs in compliance |
| Hedging/pledging | Prohibited; none engaged |
Outstanding Equity (as of Dec 31, 2024)
| Grant/Type | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price | Expiration | Unvested RSUs (#) | Market Value ($) | Unearned PSUs (#) | Payout Value ($) |
|---|---|---|---|---|---|---|---|---|
| 2/28/2017 Options | 32,938 | — | $24.55 | 2/28/2027 | — | — | — | — |
| 2/15/2018 Options | 30,589 | — | $27.09 | 2/15/2028 | — | — | — | — |
| 12/03/2018 Options | 29,114 | — | $38.51 | 12/03/2028 | — | — | — | — |
| 2/21/2019 Options | 36,319 | — | $40.12 | 2/21/2029 | — | — | — | — |
| 2/18/2020 Options | 42,035 | — | $42.16 | 2/18/2030 | — | — | — | — |
| 2/17/2021 Options | 32,160 | 10,721 | $37.50 | 2/17/2031 | 3,334 | $297,793 | — | — |
| 2/16/2022 Options | 16,984 | 16,986 | $44.19 | 2/16/2032 | 5,940 | $530,561 | 10,430 (FCF PSP, settled Jan 2025) | $931,608 |
| 2/14/2023 Options | 7,223 | 21,670 | $47.28 | 2/14/2033 | 8,328 | $743,857 | 22,208 (2023 rTSR) | $1,983,619 |
| 2/12/2024 Options | — | 22,311 | $64.99 | 2/12/2034 | 8,462 | $755,826 | 16,924 (2024 rTSR) | $1,511,652 |
| 2024 ONSG PSUs | — | — | — | — | — | — | 16,924 (2024 ONSG) | $1,511,652 |
Notes: Market/payout values use year-end price $89.32 ; FCF PSP 2022 awards fully vested and settled .
Employment Terms
| Provision | Terms |
|---|---|
| Severance Plans | Company maintains severance plans with subsidized COBRA/dental post-qualifying terminations; executives generally use Executive Retirement Plan (ERP) vs Severance Plan when eligible . |
| ERP eligibility | Age + service ≥65, age ≥55, ≥5 years; Mirviss eligible at 12/31/2024 . |
| Change-in-Control (CIC) | Double-trigger required (CIC + termination without Cause or for Good Reason within 2 years); non-CEO executives get 2x base salary + target bonus (or prior-year bonus if higher), pro rata target bonus, up to 3 years of benefits, and up to $100k legal fee reimbursement; equity accelerates only if substituted/assumed and then terminated, or if not substituted then immediate vesting . |
| CIC multiplier transition | Mirviss and Fitzgerald had 3x salary+bonus CIC severance multipliers that expired in Q1 2025, then changed to 2x consistent with 2022 policy for non-CEO execs . |
| Clawbacks | Mandatory Dodd-Frank clawback for restatements; discretionary clawbacks for misconduct/gross dereliction; no tax gross-ups except relocation . |
| Hedging/Pledging | Prohibited . |
Potential Payments – Mirviss (illustrative values as of 12/31/2024)
| Scenario | Cash Severance (Base + Bonus) | Pro Rata Target Bonus | Benefits (ERP, etc.) | Accelerated Equity (Options + RSUs) | Total |
|---|---|---|---|---|---|
| Termination Following CIC | $4,772,021 | $513,751 | $61,019 | $16,339,037 | $18,907,792 |
| Involuntary Termination (no CIC) | — | $513,751 | $2,055,004 (ERP) | $10,694,682 | $13,263,437 |
| Voluntary Termination (if retirement eligible) | — | $513,751 | $2,055,004 (ERP) | $10,694,682 | $13,263,437 |
Compensation Structure Analysis
- Mix emphasizes variable pay and long-term equity (RSUs, PSUs, options), with strong pay-for-performance link via company metrics (sales, EPS, OIM) and relative TSR/ONSG PSUs; CIC benefits require double-trigger; repricing of options prohibited .
- Peer benchmarking uses large-cap medtech peers; Committee references market data without fixed percentile targeting to balance internal equity and retention .
- Say-on-pay support is robust: 92.7% in 2024, 92.6% in 2023, 89.7% in 2022 .
Employment & Contracts
| Item | Detail |
|---|---|
| Employment start date | 1997 |
| Years in current role | Since Feb 2020 |
| Contract term/auto-renewal | CIC agreements have 3-year terms; reviewed periodically |
| Non-solicit | 2-year non-solicitation in CIC agreements |
| Non-compete | Not disclosed |
| Garden leave/consulting | Not disclosed |
Performance & Track Record
| Metric/Indicator | Detail |
|---|---|
| Relative TSR (2022–2024) | 93rd percentile vs S&P 500 Health Care; 200% PSU payout |
| Company performance metrics funding ABP | Maximum funding achieved (150%) given beats on Net Sales, EPS, OIM |
| Individual assessment highlights (2024) | Outstanding financial results; regulatory/clinical milestones; inclusive culture; regional leadership |
| Options/RSU liquidity (2024) | $3.23M realized on option exercises; $3.52M RSU vesting value |
Equity Ownership & Alignment (Governance)
| Policy/Indicator | Detail |
|---|---|
| Executive ownership guidelines | 3x salary; retain ≥50% net shares until compliant |
| Compliance | NEOs compliant as of proxy date |
| Hedging/Pledging | Prohibited; none engaged |
Say-on-Pay & Shareholder Feedback
| Year | Approval % |
|---|---|
| 2024 | 92.7% |
| 2023 | 92.6% |
| 2022 | 89.7% |
Compensation Peer Group (2024)
| Peers |
|---|
| Abbott, Agilent, Baxter, BD, Danaher, Edwards, Hologic, Intuitive Surgical, Medtronic, Quest, Thermo Fisher, Stryker, Zimmer Biomet |
Investment Implications
- Alignment: Strong pay-for-performance architecture with ABP tied to sales/EPS/margins and LTI split across rTSR/ONSG/options/RSUs; executive ownership and clawbacks enhance alignment and risk control .
- Retention: CIC severance multiplier for Mirviss stepped down from 3x to 2x in Q1 2025, reducing change-of-control windfall and modestly increasing retention sensitivity to external offers; double-trigger mitigates shareholder dilution risks from single-trigger vesting .
- Trading signals: 2024 option exercise and RSU vesting realizations ($6.75M combined) indicate regular liquidity events; hedging/pledging prohibitions reduce forced-selling risk, and ownership guideline compliance supports continued equity exposure .
- Performance momentum: 2024 beats on Net Sales, EPS, and OIM plus 200% rTSR PSU payout point to strong execution in PI and broader portfolio, supportive for incentive vesting and potential continued equity realizations .