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    Michael Farrell

    Chairman and CEO at Resmed Inc
    Board
    Since March 1, 2013
    Age
    52 years
    Education
    Earned a Bachelor of Engineering with first-class honors from the University of New South Wales, a Master of Science in Chemical Engineering from MIT, and an MBA from the MIT Sloan School of Management.
    Tenure
    Joined RMD in 2000 and progressed through various leadership roles including senior positions in marketing and business development, Senior Vice President of the global sleep apnea diagnostic and therapeutic business (2007–2011), President of the Americas region (2011–2013), and has served as CEO since March 2013 with a transition to Chairman in January 2023.

    Also at Resmed Inc

    BG
    Bobby Ghoshal
    Chief Commercial Officer, SaaS
    BS
    Brett Sandercock
    Chief Financial Officer (CFO)
    JL
    Justin Leong
    Chief Product Officer

    About

    Michael 'Mick' Farrell has built a distinguished career in healthcare and technology by steadily ascending through leadership roles at RMD since joining the company in 2000. His journey includes commanding senior roles in marketing, business development, and operational leadership before taking on executive responsibilities. As a cornerstone of the company’s transformation, his strategic vision has been pivotal to RMD’s focus on connected digital health and global access to important therapies.

    In addition to his executive duties, he is actively engaged on multiple boards, contributing his expertise and governance skills to organizations such as Zimmer Biomet and the Advanced Medical Technology Association (AdvaMed). His work in these roles underscores a commitment to advancing healthcare and ensuring high standards in quality and regulatory practices.

    Beyond his corporate achievements, he has a rich background in diverse industries including management consulting, biotechnology, chemicals, and metals manufacturing, which has broadened his operational perspective and problem-solving acuity.

    Personal ties also shape his profile; he is the son of Peter Farrell, the founder of ResMed, and has integrated this legacy into a career marked by strategic leadership and community involvement, including duties as a trustee for multiple non-profit organizations.

    $RMD Performance Under Michael Farrell

    Past Roles

    OrganizationRoleDate RangeDetails
    ResMedPresident, Americas Region2011 - 2013 N/A
    ResMedSenior Vice President, Global Sleep Apnea Diagnostic and Therapeutic Business2007 - 2011 N/A
    ResMedSenior Roles in Marketing and Business Development2000 - 2007 Joined in 2000, with progressive promotions
    Arthur D. LittleVarious Roles in Management ConsultingN/A N/A
    Sanofi GenzymeVarious Roles in BiotechnologyN/A N/A
    DowVarious Roles in ChemicalsN/A N/A
    BHPVarious Roles in Metals ManufacturingN/A N/A

    External Roles

    OrganizationRoleDate RangeDetails
    Advanced Medical Technology Association (AdvaMed)Board MemberApr 2015 - Present Chair, International Business Committee
    Zimmer BiometDirectorDec 2014 - Present Chairman, Compensation and Management Development Committee; Member, Quality, Technology, and Regulatory Committee
    UC San Diego FoundationTrusteeN/A N/A
    Rady Children's HospitalTrusteeN/A N/A
    Father Joe's VillagesTrusteeN/A N/A
    University of California San Diego - Rady School of Management Advisory BoardMemberN/A N/A
    Boston College Engineering Advisory BoardMemberN/A N/A

    Fixed Compensation

    Data from  FY 2024
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$1,185,000AnnualFixed annual salary
    Company Contributions to Retirement Plans$13,800AnnualU.S. 401(k) contributions up to 4% of eligible compensation
    Insurance Premiums$31,364AnnualCovers long-term disability and life insurance premiums
    Personal Use of Company Aircraft$79,012AnnualVariable costs for fuel, maintenance, catering, and landing fees
    Sales Incentive Award$11,778AnnualCovers travel, hotel, meals, and entertainment for executive and guest
    Sales Incentive Award Tax Gross-Up$2,774AnnualReimbursement for taxes on imputed income from the sales incentive award

    Performance Compensation

    Data from  FY 2024

    PSUaTSR (Absolute TSR)

    MetricValueUnitDetails
    Grant DateNovember 16, 2023Date
    Grant Date Fair Value$2,800,081USD
    Grant Date Stock Price$148.90USD
    Threshold PSUs8,196Units50% earned at threshold
    Target PSUs16,392Units100% earned at target
    Maximum PSUs32,784Units200% earned at maximum
    Vesting ScheduleAnnual over 3 years-Subject to continued service
    Evaluation Period4 yearsYearsEarly earnout available after 3 years

    PSUrTSR (Relative TSR)

    MetricValueUnitDetails
    Grant DateNovember 16, 2023Date
    Grant Date Fair Value$2,799,947USD
    Grant Date Stock Price$148.90USD
    Performance MeasureRelative TSR-Compared against the S&P 500 Index
    Threshold Payout45%Percentage7,611 units at threshold
    Target Payout100%Percentage16,913 units at target
    Maximum Payout200%Percentage33,826 units at maximum
    Vesting ScheduleEnd of period-Vests on November 15, 2026
    Evaluation Period3 yearsYearsNovember 16, 2023 to November 15, 2026

    RSU (Adjusted Earnings)

    MetricValueUnitDetails
    Grant DateNovember 16, 2023Date
    Grant Date Fair Value$2,800,029USD
    Grant Date Stock Price$148.90USD
    Q3 Earnings Threshold$173,806,482USD50% of RSUs earned if met
    Q3 Actual Earnings$378,193,258USD50% of RSUs earned
    Q4 Earnings Threshold$181,390,144USD50% of RSUs earned if met
    Q4 Actual Earnings$384,752,507USD50% of RSUs earned
    Combined Threshold$355,196,625USD100% of RSUs earned if met
    Combined Actual Earnings$762,945,765USD100% of RSUs earned
    Vesting ScheduleOne-third annually-Vests over 3 years contingent on continued service

    Option Awards

    MetricValueUnitDetails
    Grant DateNovember 16, 2023Date
    Number of Options55,468UnitsUnderlying shares
    Exercise Price$148.90USD
    Grant Date Fair Value$2,800,025USD
    Vesting Schedule3 equal installments-Vest on November 11 of 2024, 2025, and 2026

    Short-Term Incentive (STI)

    MetricValueUnitDetails
    Base Salary$1,168,987USDUsed for STI target calculation
    STI Target Opportunity130%-of Base Salary
    STI Target Amount$1,519,684USD
    Actual STI Earned$1,613,032USD106.14% of target achieved
    Adjusted Net Sales Threshold$4,053MUSD50% payout threshold
    Adjusted Net Sales Target$4,768MUSD100% payout target
    Adjusted Net Sales Maximum$6,198MUSD200% payout cap
    Adjusted Operating Profit Threshold$1,269MUSD50% payout threshold
    Adjusted Operating Profit Target$1,493MUSD100% payout target
    Adjusted Operating Profit Maximum$1,941MUSD200% payout cap
    Total Weighted Payout106.14%PercentageOverall performance achievement
    Evaluation PeriodFiscal Year 2024-Based on annual performance
    ConditionsContinued employment through payment date-No payout for performance below threshold