Synthes Chief to Get More Than $54 Million, Der Sonntag Says

Michel Orsinger, chief executive officer of Synthes Inc. (SYST), the medical-device maker that’s agreed to be acquired by Johnson & Johnson (JNJ), will get payments of more than $54 million from both companies, Der Sonntag reported.

According to Orsinger’s new work contract with J&J, he will get $17.2 million in shares that he has to hold for three years and $500,000 in cash, the newspaper reported, citing documents released by the U.S. markets regulator. The manager, whose new annual salary will be $700,000, will also receive a one-time payment equal to three times his 2011 salary and bonus, it said. Synthes will also pay him a loyalty bonus of $36.3 million in cash, shares and tax refunds, according to the newspaper.

To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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