Duke University medical school official Victor Dzau has been elected to the board of directors for Minneapolis-based medical devicemaker Medtronic, according to a news release.
Dzau, a professor of medicine at the university, is Dukes chancellor of health affairs and president and chief executive officer of the Duke University Health System. He is also director of the medical schools molecular and genomic vascular biology program.
According to documents filed with the Security and Exchange Commission, Dzau will received a one-time grant of 3,269 shares of common stock valued at roughly $160,000 plus $80,000 in annual compensation for his director duties. He will also receive stock-option grants at the beginning and end of each fiscal year throughout his tenure. The option grants will be determined by a compensation formula based, in part, on each directors annual salary.
Dzau will serve on Medtronics corporate governance, compensation and technology, and quality committees. His appointment is still subject to approval by the devicemakers shareholders. -- by Shawn Rhea