Brett A. Wall
Executive Vice President and President, Neuroscience Portfolio at MDT
Executive
About Brett A. Wall
Executive Vice President and President, Neuroscience Portfolio at Medtronic; leads five operating units (Neuromodulation, Cranial & Spinal Technologies, Neurovascular, Pelvic Health, ENT). The portfolio generates “over $8B” in annual revenue per Medtronic’s leadership site and “over $10B” with ~18,000 employees globally per Orange County Business Journal, reflecting scale and growth under Wall’s tenure . Education: BS in Comprehensive Business Administration (Marketing), University of Nebraska at Kearney . FY25 corporate operating performance used in NEO incentives: organic revenue growth 4.9%, non-GAAP diluted EPS $5.53 vs $5.57 target, and free cash flow $5,185M, driving a 93% payout under the annual MIP . FY25 total compensation for Wall was $8,121,213 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Medtronic | EVP & President, Neuroscience Portfolio; Executive Committee member | ~2019/2020–2025 | Led five OUs; portfolio gained market share and grew 5% for the first time in three years |
| Medtronic | EVP & Group President, Restorative Therapies Group (RTG) | Appointed Nov 1, 2019 | Drove innovation; succeeded Geoff Martha as RTG leader |
| Medtronic | SVP & President, Brain Therapies division | Pre-2019 | Produced double-digit annual growth; launched innovative stroke/brain therapies (e.g., Solitaire) |
| Covidien | President, Neurovascular and International | 2011–2015 | Managed global operations; doubled revenue during tenure |
| ev3, Inc. | SVP & President, Neurovascular; SVP & President, International | Not disclosed | Senior commercial leadership in neurovascular and international businesses |
| Micro Therapeutics | VP, Marketing (Neurovascular & Peripheral Vascular) | 2000–2008 | Marketing leadership prior to merger with ev3 |
| Boston Scientific | Director of Marketing, Cardiovascular, Asia Pacific; Marketing Manager, Japan | Not disclosed | Led APAC Interventional Cardiology product lines; regional market expansion |
| C.R. Bard | Marketing roles, Urology | Not disclosed | Managed marketing for urological products |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OCTANe (Orange County) | Board Executive Committee member | Not disclosed | Promotes technical growth/expertise in OC; industry engagement |
| University of California, Irvine | CEO Roundtable member | Not disclosed | Community leadership and talent pipeline engagement |
| Medtronic African Descent Network | Executive Sponsor (internal ERG) | Not disclosed | Recruitment, engagement, retention, development |
Fixed Compensation
| Metric | FY2024 | FY2025 |
|---|---|---|
| Base Salary ($) | $749,358 | $774,519 |
| Annual Base Salary Rate (Committee Table) | $750,000 | $775,000 |
| MIP Target (% of Salary) | 100% | 100% |
| MIP Award ($) | $670,610 | $720,750 |
| All Other Compensation ($) | $334,272 | $363,656 |
| Perquisites & Other Personal Benefits ($) | Not itemized in table | $157,800 (incl. $24,000 business allowance; $128,400 relocation/security) |
| Tax Reimbursement/Gross-up ($) | Not disclosed | $148,571 (relocation tax gross-up) |
| Company Contributions to Defined Contribution Plans ($) | Not disclosed | $57,285 (incl. qualified $10,350; nonqualified MCC $33,004; plus EPS-linked match mechanics) |
Performance Compensation
Annual MIP Design and FY25 Results
| Metric | Weight | Minimum | Target | Maximum | Actual Result | Weighted Payout |
|---|---|---|---|---|---|---|
| Organic Revenue Growth YoY | 33% | (5.5)% | 4.9% | 10.2% | 4.9% | 33% |
| Non-GAAP Diluted EPS | 33% | $4.73 | $5.57 | $6.13 | $5.53 | 32% |
| Non-GAAP Free Cash Flow ($mm) | 33% | $4,025 | $5,750 | $6,900 | $5,185 | 28% |
| Total Payout (% of Target) | — | — | — | — | — | 93% |
- Team and Individual scorecards were 100% for Wall in FY25; MIP award $720,750 vs 100% target .
- Quality became a standalone modifier for senior executives beginning FY25; overall design retained equal weighting of revenue/EPS/FCF .
Long-Term Incentives (Design and FY25 Grants)
- Design: Portfolio includes PSUs, stock options, and RSUs; PSUs based on 3-year simple average revenue growth and relative TSR vs a Comparison Group, with a downward-only ROIC modifier; stock options vest 25% annually starting year 1; RSUs vest 100% on the 3rd anniversary .
- FY25 Target LTIP value for Wall: $4,250,000; plus one-time $1.5M uplift to annual LTIP for competitiveness, granted with standard vehicle mix .
| Award Type | Grant Date | Shares/Units (#) | Exercise Price ($) | Grant Date Fair Value ($) |
|---|---|---|---|---|
| PSU | 7/29/2024 | Target 35,938; Threshold 17,969; Max 71,876 | — | $3,387,157 |
| Stock Options | 7/29/2024 | 106,260 | $80.00 | $1,725,131 |
| RSU | 7/29/2024 | 14,375 | — | $1,150,000 |
- Vesting cadence for Wall’s unexercisable options (selected grants): 8/1/2022 options vest 14,858 (2025) and 14,859 (2026); 7/31/2023 options vest 17,049 annually (2025–2027); 7/29/2024 options vest 26,565 annually (2025–2028) .
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Beneficial Ownership (Ordinary Shares) | 490,286 (as of Aug 5, 2024) |
| May Be Acquired Within 60 Days (primarily options) | 478,435 |
| Ownership Guidelines | NEOs must hold 3× base salary; CEO 6×; all NEOs in compliance as of Aug 14, 2025 |
| Pledging/Hedging | Not disclosed; no pledging noted in proxy |
| Options—Grant/Status Snapshot | Multiple grants from 2016–2024; most options vest 25% per year over 4 years; 2024 grant of 106,260 at $80.00 |
| RSUs—Vesting | RSUs vest 100% at 3rd anniversary; e.g., 7/29/2024 grant expected to vest 7/29/2027, subject to continued service |
Option Vesting Schedule (Unexercisable Options – Wall)
| Grant Date | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| 8/2/2021 | 11,392 | — | — | — |
| 8/2/2021 (additional lot) | 272 | — | — | — |
| 8/1/2022 | 14,858 | 14,859 | — | — |
| 7/31/2023 | 17,049 | 17,049 | 17,049 | — |
| 7/29/2024 | 26,565 | 26,565 | 26,565 | 26,565 |
Employment Terms
| Scenario | Cash Severance | Welfare/Other Benefits | Equity Treatment | Total |
|---|---|---|---|---|
| Involuntary Termination (as of Apr 25, 2025) | $2,991,500 (includes 2× base salary $1,550,000 and lesser of MIP payout or target $1,441,500) | $55,889 (24 months health + outplacement) | — | $3,047,389 |
| Change of Control + Termination other than for cause/disability or for good reason (as of Apr 26, 2024) | $4,932,440 (3× salary + greater of FY24 bonus or 3-year avg; includes prorated bonus) | $161,748 (continuation of retirement/health/welfare for 3 years) | Accelerated vesting at target: PSUs $4,727,125; Options intrinsic value $—; RSUs $1,806,833 | $11,628,146 |
- Change-of-control policy operates on a double trigger (COC plus qualifying termination); values reflect closing price $79.74 and target PSU levels as of April 26, 2024 .
- Clawback: Improper payments or gains from incentives/equity are subject to clawback .
- Ownership/Retention: LTIP uses mix of PSUs, options, RSUs; options link value to stock appreciation; RSUs encourage retention .
Compensation Summary (Multi-Year)
| Component ($) | FY2024 | FY2025 |
|---|---|---|
| Salary | $749,358 | $774,519 |
| Stock Awards | $3,406,800 | $4,537,157 |
| Option Awards | $1,274,992 | $1,725,131 |
| Non-Equity Incentive (MIP) | $670,610 | $720,750 |
| Change in Pension Value/Nonqualified Deferred Earnings | $— | $— |
| All Other Compensation | $334,272 | $363,656 |
| Total | $6,436,032 | $8,121,213 |
Performance & Track Record
- Neuroscience portfolio grew ~5% and regained market share for the first time in three years under Wall’s leadership; portfolio >$10B revenue and ~18,000 employees globally as of 2025 .
- Prior leadership (Covidien Neurovascular & International): doubled revenue 2011–2015 .
- Corporate FY25 operating achievements used in incentives: organic revenue growth 4.9%, EPS $5.53, FCF $5,185M (93% MIP payout) .
Risk Indicators & Red Flags
- Tax gross-up present on relocation expenses in FY25 ($148,571) — shareholder-unfriendly feature to monitor .
- No pledging disclosed; NEO ownership guidelines in compliance (3× salary for NEOs) .
- Upcoming multi-year vesting of options (notably 2024 grant) and RSUs could create future selling windows; monitor Form 4 activity around 3-year RSU anniversaries and annual option tranches .
Compensation Structure Analysis
- High at-risk pay mix: NEOs’ total direct compensation 86%–93% at risk; long-term incentives 72%–83% of TDC, aligning pay with multi-year performance .
- Shift/Design: Portfolio approach continues (PSUs/options/RSUs); PSUs tied to 3-year revenue growth and relative TSR with ROIC downward modifier; options vesting schedules and RSU 3-year cliff vesting support retention and performance alignment .
- FY25 competitive adjustments: One-time $1.5M uplift to LTIP for Salmon, Wall, Smith to address competitiveness; standard vehicle mix and terms retained .
Equity Ownership & Selling Pressure Signals
- Beneficial ownership: 490,286 shares; 478,435 shares acquirable within 60 days (primarily options) .
- Upcoming option vests: 26,565 shares per year (2025–2028) from 7/29/2024 grant; additional tranches from 2022 and 2023 grants .
- RSU vest: 7/29/2024 grant of 14,375 RSUs scheduled for 7/29/2027 (subject to service), a potential liquidity event .
Employment Terms (Additional)
- Benefits: Business allowance ($24,000 for U.S.-based NEOs), standard employee benefits; clawback policy applies; incentive caps to avoid windfalls .
- Deferred Contributions: Company contributions to qualified and nonqualified plans (MCC/PIA) per plan design and EPS-linked matching mechanics .
Investment Implications
- Alignment: Strong pay-for-performance construct with equal-weighted revenue/EPS/FCF in annual MIP and multi-year PSU metrics (revenue growth, relative TSR, ROIC modifier), plus high LTIP weighting, suggests meaningful shareholder alignment .
- Retention risk: Significant unvested options and RSUs with multi-year schedules and ownership guideline compliance reduce near-term flight risk; however, one-time LTIP uplift indicates competitive market pressure for talent .
- Trading signals: Monitor Form 4s around option tranche anniversaries (notably 7/29 each year through 2028) and RSU cliff dates (7/29/2027) for potential selling pressure; track PSU certification and payouts tied to 3-year cycles starting 2024 grants .
- Governance watch items: Presence of relocation tax gross-up; large change-of-control cash multiple (3× salary+bonus) and full equity acceleration could create misalignment in a sale scenario—monitor Compensation Committee’s stance and any updates to COC terms .