Companies Medline Inc.
Medline (MDLN): executive pay, fiscal 2025
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CEO vs. named peers1st pct.Of 13 peer CEOs
CEO pay, last three years
- $4,305,297FY2024
- $3,860,972FY2025
CEO total pay was $3,860,972 in fiscal 2025, down from $4,305,297 in fiscal 2024.
FY2025: salary $1,250,000 · bonus $0 · stock awards $1,177,665 · option awards $0
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Executives and directors
James Boyle · CEODouglas Golwas · CCOMichael Drazin · CFOStephen Miller · COOJames Pigott · PresidentAnushka M. Sunder · Independent DirectorJacob D. Best · Independent DirectorJoseph P. Baratta · Independent DirectorPatrick J. Healy · Independent DirectorRichard A. Galanti · Independent DirectorRobert R. Schmidt · Independent DirectorStephen H. Wise · Independent DirectorThomas W. Sweet · Independent DirectorTodd M. Bluedorn · Independent Director
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| James Pigott | $1,100,000 | $0 | $0 | $0 | $930,573 | $0 | $8,876,504 | $10,907,077 |
| President | ||||||||
| James Boyle | 1,250,000 | 0 | 1,177,665 | 0 | 1,409,960 | 0 | 23,347 | 3,860,972 |
| Chief Executive Officer | ||||||||
| Michael Drazin | 810,000 | 0 | 956,853 | 0 | 763,117 | 0 | 27,289 | 2,557,259 |
| Chief Financial Officer | ||||||||
| Douglas Golwas | 800,000 | 0 | 956,853 | 0 | 772,410 | 0 | 25,030 | 2,554,293 |
| Chief Commercial Officer | ||||||||
| Stephen Miller | 800,000 | 0 | 956,853 | 0 | 676,781 | 0 | 9,140 | 2,442,774 |
| Chief Operating Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| James Pigott | $10,907,077 | $3,957,278 | — | ↑ +6,949,799 |
| James Boyle | 3,860,972 | 4,305,297 | — | ↓ −444,325 |
| Michael Drazin | 2,557,259 | 2,759,644 | — | ↓ −202,385 |
| Douglas Golwas | 2,554,293 | 2,758,157 | — | ↓ −203,864 |
| Stephen Miller | 2,442,774 | 4,315,145 | — | ↓ −1,872,371 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The compensation program is designed to enhance business strategy, attract and retain innovative business leaders, and build long-term results for stockholders.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Korn Ferry |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Michael Drazin | PSU | 2025-04-11 | 16,497 | 32,995 | — | 49,492 | $956,853 |
| Douglas Golwas | PSU | 2025-04-11 | 16,497 | 32,995 | — | 49,492 | 956,853 |
| James Boyle | PSU | 2025-04-11 | 20,305 | 40,609 | — | 60,914 | 1,177,665 |
| Stephen Miller | PSU | 2025-04-11 | 16,497 | 32,995 | — | 49,492 | 956,853 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Michael Drazin | $0 | $956,853 | $0 | 100.0% |
| Douglas Golwas | 0 | 956,853 | 0 | 100.0% |
| James Boyle | 0 | 1,177,665 | 0 | 100.0% |
| Stephen Miller | 0 | 956,853 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Stephen Miller | RSU | 255,035 | — | $2,876,222 |
| Douglas Golwas | RSU | 356,473 | — | 5,503,398 |
| Michael Drazin | RSU | 506,913 | — | 7,848,576 |
| James Boyle | RSU | 799,632 | — | 11,777,744 |
| James Pigott | RSU | 1,008,005 | — | 18,947,619 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard A. GalantiIndependent | $75,787 | $300,000 | — | — | — | $375,787 |
| Todd M. BluedornIndependent | 4,921 | 300,000 | — | — | — | 304,921 |
| Thomas W. SweetIndependent | 150,000 | 0 | — | — | — | 150,000 |
| James M. BoyleEmployee director | — | — | — | — | — | 0 |
| Stephen H. WiseIndependent | — | 0 | — | — | — | — |
| Robert R. SchmidtIndependent | — | 0 | — | — | — | — |
| Charles N. MillsNot independent · Board Chair | — | — | — | — | — | — |
| Jacob D. BestIndependent | — | 0 | — | — | — | — |
| Andrew J. MillsNot independent | — | — | — | — | — | — |
| Patrick J. HealyIndependent | — | 0 | — | — | — | — |
| Anushka M. SunderIndependent | — | 0 | — | — | — | — |
| Joseph P. BarattaIndependent | — | 0 | — | — | — | — |
Board fee structure and ownership guideline
| Annual cash retainer | $125,000 |
|---|---|
| Annual equity retainer | $200,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 20,000 / 20,000 |
| Stock ownership guideline | $5 |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $230,708 |
| Equity awards (grant-date value) | $600,000 |
| All other compensation | $0 |
| Total cost of the board | $830,708 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Medline as a peer
Companies that benchmark against MDLN
1 company names MDLN as a compensation peer
Each company listed discloses MDLN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MDLN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
BAX Baxter International Inc.GWW W.W. Grainger, Inc.SYK Stryker CorporationMMM 3M CompanyGEHC GE HealthCare Technologies Inc.TMO Thermo Fisher Scientific Inc.KMB Kimberly-Clark CorporationHON Honeywell International Inc.CL Colgate-Palmolive CompanyHSIC Henry Schein, Inc.BDX Becton, Dickinson and CompanyDHR Danaher CorporationITW Illinois Tool Works, Inc.
Peer reciprocity
Of the companies Medline Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
— Baxter International Inc. (BAX)40— W.W. Grainger, Inc. (GWW)41— Stryker Corporation (SYK)42— 3M Company (MMM)43— GE HealthCare Technologies Inc. (GEHC)44 Thermo Fisher Scientific Inc. (TMO) Kimberly-Clark Corporation (KMB)— Honeywell International Inc. (HON)45 Colgate-Palmolive Company (CL)— Henry Schein, Inc. (HSIC)46— Becton, Dickinson and Company (BDX)47— Danaher Corporation (DHR)48— Illinois Tool Works, Inc. (ITW)49
Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including Medline Inc..
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific Inc. | 2025 | Marc Casper | $1,785,534 | $65,730,211 | $7,951,377 | $3,742,123 | $79,923,350 |
| 2 | Baxter International Inc. | 2025 | Andrew Hider | 499,315 | 23,133,518 | 3,185,053 | 820,125 | 29,805,182 |
| 3 | Danaher Corporation | 2025 | Rainer Blair | 1,400,000 | 9,292,370 | 8,386,657 | 4,194,400 | 23,795,280 |
| 4 | Stryker Corporation | 2025 | Kevin Lobo | 1,500,000 | 9,764,136 | 6,920,781 | 2,250,000 | 21,401,495 |
| 5 | 3M Company | 2025 | William Brown | 1,800,000 | 7,753,852 | 7,001,242 | 3,745,322 | 21,005,009 |
| 6 | Honeywell International Inc. | 2025 | Vimal Kapur | 1,600,000 | 10,866,269 | 3,623,914 | 3,516,800 | 20,381,435 |
| 7 | GE HealthCare Technologies Inc. | 2025 | Peter Arduini | 1,324,983 | 11,249,533 | 3,624,970 | 2,081,084 | 18,562,794 |
| 8 | Becton, Dickinson and Company | 2025 | Thomas Polen | 1,395,463 | 9,991,854 | 3,311,861 | 1,852,010 | 17,129,140 |
| 9 | Colgate-Palmolive Company | 2025 | Noel Wallace | 1,500,000 | 8,005,152 | 3,570,016 | 2,455,950 | 16,478,196 |
| 10 | Kimberly-Clark Corporation | 2025 | Michael Hsu | 1,500,000 | 11,499,989 | 0 | 1,596,424 | 15,320,405 |
| 11 | Illinois Tool Works, Inc. | 2025 | Christopher A. O'Herlihy | 1,337,271 | 5,249,957 | 5,249,996 | 2,702,389 | 15,211,011 |
| 12 | Henry Schein, Inc. | 2025 | Stanley Bergman | 1,707,000 | 7,764,800 | 0 | 2,289,251 | 12,013,915 |
| 13 | W.W. Grainger, Inc. | 2025 | D.G. Macpherson | 1,176,370 | 8,451,819 | 0 | 1,653,075 | 11,609,508 |
| 14 | Medline Inc. | 2025 | James Boyle | 1,250,000 | 1,177,665 | 0 | 1,409,960 | 3,860,972 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Medline Inc. | not disclosed | not disclosed | not disclosed | Korn Ferry |
| 3M Company | 118.9% | PSU 50 · Options 50 | No | FW Cook |
| Baxter International Inc. | not disclosed | PSU 50 · RSU 25 · Option 25 | No | Aon |
| Becton, Dickinson and Company | 85% | PSU 50 · Options 25 · RSU 25 | No | Semler Brossy |
| Colgate-Palmolive Company | 93.6% | PSU 50 · Options 30 · RSU 20 | No | FW Cook |
| Danaher Corporation | not disclosed | Options 50 · RSU 50 | Yes — Relative TSR | FW Cook |
| GE HealthCare Technologies Inc. | 101% | PSU 50 · Option 25 · RSU 25 | No | Semler Brossy |
| Henry Schein, Inc. | 89.3% | PSU 65 · RSU 35 | No | Pearl Meyer |
| Honeywell International Inc. | 126% | PSU 50 · Options 25 · RSU 25 | Yes — three-year total shareowner return (TSR) relative to the 2025 Compensation Peer Group | not disclosed |
| Illinois Tool Works, Inc. | not disclosed | PSU 50 · Options 50 | No | Meridian Compensation Partners LLC |
| Kimberly-Clark Corporation | 61% | PSU 60 · RSU 40 | No | Semler Brossy Consulting Group |
| Stryker Corporation | 100% | PSU 48 · Options 34 | No | Semler Brossy |
| Thermo Fisher Scientific Inc. | 99.8% | PSU 50 · Options 50 | Yes — Relative TSR | Pearl Meyer |
| W.W. Grainger, Inc. | 93% | PSU 60 · RSU 40 | No | Pay Governance, LLC |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-11 | 1,189,280,399 | 6,203,145 | 54,988 | 99.48% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-11 | 99.48%a |
a. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (49 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, James Pigott. DEF 14A, filed 2026-04-23. Section “Executive Compensation Tables”. As printed: 10,907,077. View filing ↗
- Section 01, James Boyle. DEF 14A, filed 2026-04-23. Section “Executive Compensation Tables”. As printed: 3,860,972. View filing ↗
- Section 01, Michael Drazin. DEF 14A, filed 2026-04-23. Section “Executive Compensation Tables”. As printed: 2,557,259. View filing ↗
- Section 01, Douglas Golwas. DEF 14A, filed 2026-04-23. Section “Executive Compensation Tables”. As printed: 2,554,293. View filing ↗
- Section 01, Stephen Miller. DEF 14A, filed 2026-04-23. Section “Executive Compensation Tables”. As printed: 2,442,774. View filing ↗
- Section 03, Michael Drazin PSU. DEF 14A, filed 2026-04-23. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Douglas Golwas PSU. DEF 14A, filed 2026-04-23. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, James Boyle PSU. DEF 14A, filed 2026-04-23. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Stephen Miller PSU. DEF 14A, filed 2026-04-23. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 08, Richard A. Galanti. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 375,787. View filing ↗
- Section 08, Todd M. Bluedorn. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 304,921. View filing ↗
- Section 08, Thomas W. Sweet. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 150,000. View filing ↗
- Section 08, James M. Boyle. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Stephen H. Wise. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Robert R. Schmidt. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Charles N. Mills. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Jacob D. Best. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Andrew J. Mills. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Patrick J. Healy. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Anushka M. Sunder. DEF 14A, filed 2026-04-23. Section “Director Compensation”. As printed: —. View filing ↗
- Section 08, Joseph P. Baratta. DEF 14A. Section “Director Compensation”. As printed: —.
- Section 06, 2026 vote. Form 8-K, filed 2026-06-12. Item 5.07 · say-on-pay result. As reported: 99.48% (votes for as printed: 1,189,280,399). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 230,708 + equity 600,000 + all other 0 = 830,708, summed across the director compensation table rows.
- Thermo Fisher Scientific Inc., Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Thermo Fisher Scientific Inc.'s own proxy. As printed: 79,923,350. View filing ↗
- Baxter International Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Baxter International Inc.'s own proxy. As printed: 29,805,182. View filing ↗
- Danaher Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Danaher Corporation's own proxy. As printed: 23,795,280. View filing ↗
- Stryker Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Stryker Corporation's own proxy. As printed: 21,401,495. View filing ↗
- 3M Company, Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in 3M Company's own proxy. As printed: 21,005,009. View filing ↗
- Honeywell International Inc., Section 10b CEO total. DEF 14A, filed 2026-04-10. CEO total compensation as printed in Honeywell International Inc.'s own proxy. As printed: 20,381,435. View filing ↗
- GE HealthCare Technologies Inc., Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in GE HealthCare Technologies Inc.'s own proxy. As printed: 18,562,794. View filing ↗
- Becton, Dickinson and Company, Section 10b CEO total. DEF 14A, filed 2025-12-18. CEO total compensation as printed in Becton, Dickinson and Company's own proxy. As printed: 17,129,140. View filing ↗
- Colgate-Palmolive Company, Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Colgate-Palmolive Company's own proxy. As printed: 16,478,196. View filing ↗
- Kimberly-Clark Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Kimberly-Clark Corporation's own proxy. As printed: 15,320,405. View filing ↗
- Illinois Tool Works, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Illinois Tool Works, Inc.'s own proxy. As printed: 15,211,011. View filing ↗
- Henry Schein, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-08. CEO total compensation as printed in Henry Schein, Inc.'s own proxy. As printed: 12,013,915. View filing ↗
- W.W. Grainger, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in W.W. Grainger, Inc.'s own proxy. As printed: 11,609,508. View filing ↗
- Medline Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Medline Inc.'s own proxy. As printed: 3,860,972. View filing ↗
- Section 10a, Baxter International Inc. reciprocity. DEF 14A. Baxter International Inc.'s most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, W.W. Grainger, Inc. reciprocity. DEF 14A. W.W. Grainger, Inc.'s most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, Stryker Corporation reciprocity. DEF 14A. Stryker Corporation's most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, 3M Company reciprocity. DEF 14A. 3M Company's most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, GE HealthCare Technologies Inc. reciprocity. DEF 14A. GE HealthCare Technologies Inc.'s most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, Honeywell International Inc. reciprocity. DEF 14A. Honeywell International Inc.'s most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, Henry Schein, Inc. reciprocity. DEF 14A. Henry Schein, Inc.'s most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, Becton, Dickinson and Company reciprocity. DEF 14A. Becton, Dickinson and Company's most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, Danaher Corporation reciprocity. DEF 14A. Danaher Corporation's most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗
- Section 10a, Illinois Tool Works, Inc. reciprocity. DEF 14A. Illinois Tool Works, Inc.'s most recent proxy was read; its disclosed peer group does not include Medline Inc.. View filing ↗