Viju Menon
STRYKERAbout Viju Menon
Viju S. Menon is Group President, Global Quality and Operations at Stryker, serving as an executive officer since 2018 and joining Stryker on April 23, 2018 after senior supply chain leadership roles at Verizon and earlier operational leadership at Intel . As of January 31, 2023 he was 55 years old, with first executive appointment in 2018 . Company performance context during his tenure includes reported net sales growth of 10.2% in 2024, adjusted net earnings growth of 15.6%, and adjusted EPS of $12.19 (vs. $10.60 in 2023), underscoring growth targets embedded in NEO incentive design . Say-on-pay support was ~91% in 2024, reflecting shareholder endorsement of pay-for-performance alignment .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Stryker | Group President, Global Quality and Operations | 2018–present | Oversees quality, operations, and supply chain; a core lever for product reliability, cost, and compliance . |
| Verizon Communications | Chief Supply Chain Officer; Senior Vice President | May 2013–Apr 2018 | Led end-to-end supply chain; large-scale operational excellence experience relevant to medical technology manufacturing . |
| Intel Corporation | Technology and manufacturing leadership roles | Earlier career (years not disclosed) | Built technical manufacturing and operations expertise foundational to quality and operations leadership . |
External Roles
No public-company directorships or external board roles are disclosed for Menon in Stryker filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 | Notes |
|---|---|---|---|---|
| Base salary (paid) | $571,667 | $616,667 | $645,833 | Annualized 2024 base increased to $650,000 effective Mar 1, 2024 . |
| 2025 decisions (announced Feb 2025) | — | — | — | 2025 annualized base salary $680,000; target bonus $578,000 . |
Performance Compensation
2024 Annual Bonus Plan (Menon)
| Measure (weight) | Threshold (goal) | Target (goal) | Actual performance | Payout contribution |
|---|---|---|---|---|
| Adjusted operating income (20%) | $5.045B (1.8%) | $5.606B (13.1%) | $5.826B | 20.0% |
| Adjusted operating income margin (20%) | 25.00% (3.4%) | 25.25% (4.5%) | 25.70% | 20.0% |
| Constant currency sales (40%) | $21.092B (2.9%) | $22.202B (8.3%) | $22.670B | 40.0% |
| Free cash flow excl. recall (20%) | $2.656B (-15.4%) | $3.320B (5.7%) | $3.552B | 20.0% |
| Overachievement: Adjusted op income (35%) | $5.606B (13.1%) | $5.830B (17.7%) | $5.826B | 7.1% |
| Overachievement: Constant currency sales (35%) | $22.202B (8.3%) | $22.868B (11.6%) | $22.670B | 24.6% |
| Overachievement: Adjusted diluted EPS (30%) | $11.87 (12.0%) | $12.46 (17.5%) | $12.19 | 3.3% |
| CR modifier (+/-10%) | — | — | Committee applied 0% modifier | 0.0% |
| Total payout as % of target | — | — | — | 135.0% |
Bonus outcomes: Target $552,500; actual $745,875; max opportunity $1,105,000 .
Long-Term Incentives and Vesting Design
| Award | Grant date | Target | Max | Strike/terms | Vesting | Design metrics |
|---|---|---|---|---|---|---|
| 2024 PSUs | Feb 7, 2024 | 4,592 sh | 9,184 sh | N/A | Vest Mar 21, 2027 | 50% on 3-yr avg adjusted EPS growth; 50% on relative 3-yr avg reported net sales growth vs defined medtech peer set; 0–200% payout . |
| 2024 stock options | Feb 7, 2024 | 12,245 sh | — | $339.77; 10-year term; 20% per year vesting | Annual tranches over 5 years | Options at close price before grant; no repricing permitted . |
| 2022 PSUs (result) | — | — | — | — | Settled Mar 21, 2025 | Earned 174% of target; EPS growth 10.4% yielded 147%; relative reported net sales at 94th percentile yielded 200% (weighted 50/50) . |
PSU peer group for 2024/2022 cycles includes Abbott, Medtronic, Boston Scientific, GE HealthCare, Siemens Healthineers, Thermo Fisher, Zimmer Biomet, and others, with adjustments for material M&A in peers (e.g., Cerner removed) .
Equity Ownership & Alignment
- Beneficial ownership (Feb 28, 2025): Shares owned 9,245; right to acquire within 60 days 146,717; total 155,962; <1% of outstanding .
- 2024 vesting/realization: Stock awards vested 8,035 shares; realized $2,816,735; no option exercises in 2024 .
- Outstanding equity at FY 2024 (selected): Options exercisable/unexercisable across 2018–2024 grants (e.g., 12,245 options from 2024 grant unexercisable at $339.77; 3,728/14,912 at $268.22 from 2023; 8,850/13,275 at $248.60 from 2022) and PSUs outstanding at maximum of 9,320 (2023) and 9,184 (2024); 7,678 PSUs from 2022 were unvested at 12/31/2024 (settled Mar 21, 2025) .
- Stock ownership guidelines: NEOs must hold stock equal to 3× salary; 25% of net shares from option exercises cannot be sold until exceeding guidelines; as of Dec 31, 2024 all NEOs were at/above or projected to meet guidelines by compliance date .
- Hedging/pledging: Insider Trading Guidelines prohibit hedging and pledging (except grandfathered pledges); no pledge disclosures for Menon .
Beneficial Ownership Detail
| Holder | Shares owned | Right to acquire | Total | % out |
|---|---|---|---|---|
| Viju S. Menon | 9,245 | 146,717 | 155,962 | <1% |
Employment Terms
- Agreements: Stryker has no employment or severance agreements with NEOs; separation payments may occur case-by-case .
- Non-compete: Menon signed Stryker’s non-compete; his version does not contemplate payments; award agreements include recoupment/forfeiture for violations .
- Change-in-control: Committee may accelerate vesting, deem performance satisfied, and permit cash-out of option intrinsic value in a 60-day window post-CIC .
- Potential payments upon termination/CIC (unvested equity value):
- Death/disability: $13,310,904
- Retirement: Not eligible under plan retirement criteria (age/service) as of 12/31/2024
- Change in control: $14,428,499
Termination/CIC Treatment (Equity)
| Event | Options (vested) | Unvested options/units |
|---|---|---|
| Death/disability | Exercisable for one year | Options and RSUs vest 100%; PSUs continue to vest on original schedule and earn based on full 3-year performance . |
| Retirement (if eligible) | Until original expiry | Options/RSUs continue vesting; PSUs continue vesting (if employed ≥12 months post-grant) or prorate through retirement; earn based on full 3-year performance . |
| Other separation | 30 days for vested options | Forfeited . |
Compensation & Incentives
Multi-year Compensation Summary (Menon)
| Year | Salary ($) | Stock awards ($) | Option awards ($) | Non-equity incentive ($) | All other comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | 571,667 | 1,125,775 | 1,506,304 | 363,435 | 110,744 | 3,677,925 |
| 2023 | 616,667 | 1,231,918 | 1,557,388 | 956,250 | 107,811 | 4,470,034 |
| 2024 | 645,833 | 1,573,770 | 1,447,799 | 745,875 | 176,229 | 4,589,506 |
Other items:
- Deferred compensation (Supplemental Plan) 2024: Executive contributions $1,171,063; registrant contributions $140,579; aggregate earnings $1,708,180; aggregate balance $8,285,704 .
- Perquisites/gross-ups: Company avoids tax gross-ups except relocation/expatriate; Menon received relocation-related gross-ups of $6,438 (2019) and $83,780 (2020) .
2024 Grants of Plan-Based Awards (Menon)
| Item | Grant date | Threshold | Target | Max | Notes |
|---|---|---|---|---|---|
| Annual bonus | — | $276,250 | $552,500 | $1,105,000 | Payout 135% of target ($745,875) . |
| PSUs (#) | Feb 7, 2024 | — | 4,592 | 9,184 | PSU design 0–200% payout; vest Mar 21, 2027 . |
| Options (#) | Feb 7, 2024 | — | 12,245 | — | Strike $339.77; 10-year term; vest 20% annually . |
Performance & Track Record
- Company 2024 performance: Reported net sales $22.595B (+10.2% YoY); adjusted net earnings $4.700B (+15.6%); adjusted diluted EPS $12.19 (+15.0%); dividends per share $3.20 (+6.7%); cash, cash equivalents, and marketable securities $3.743B (+22.6%) .
- PSU outcomes reflect sustained growth: 2022–2024 PSU cycle earned 174% of target, with EPS growth at 10.4% and top-quartile relative net sales growth (94th percentile) .
Compensation Peer Group & Governance Practices
- Peer group used for benchmarking includes Abbott, Medtronic, Boston Scientific, Thermo Fisher, Zimmer Biomet, Quest, GE HealthCare, and similar large-cap medtech/adjacent firms; adjustments were made across 2023–2024 studies for comparability .
- Committee uses independent consultants (Semler Brossy) and maintains prohibitions on hedging/pledging, no option repricing/exchanges, clawback (2015 recoupment and 2023 mandatory Dodd-Frank compliant policy), stock ownership guidelines, and no contractual change-in-control payments .
Investment Implications
- Alignment: Heavy weighting to PSUs and options ties Menon’s realized pay to 3-year EPS growth and relative sales growth; 2024 PSU vest in March 2027, creating a potential supply event but partially mitigated by ownership guideline retention requirements (25% of net option shares retained until guideline met) .
- Selling pressure: 2024 vesting delivered 8,035 shares; no 2024 option exercises; upcoming annual option vest tranches (e.g., 2024 grant 20% annually beginning 2025) increase potential liquidity events subject to trading windows and guideline constraints .
- Retention risk: No guaranteed severance or single-trigger CIC cash; equity subject to committee discretion in CIC; non-compete without compensation suggests modest contractual retention levers—performance-driven equity is the primary retention mechanism .
- Red flags: No option repricing; hedging/pledging prohibited; historical relocation tax gross-ups noted but policy limits broader gross-up practices; no related-party transactions involving Menon disclosed .