Becton, Dickinson and Company

(New York Stock Exchange)
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Neutral +5

BD reports lower CEO pay but increases for other execs and the median worker

AI-generated analysis

📊 BD (Becton, Dickinson and Co.) generated $21.8 billion in annual sales for its latest fiscal year ending Sept. 30, 2025, representing an 8% increase.

👔 CEO Tom Polen’s total compensation decreased to just over $17.1 million in 2025, a 1% decline from the previous year.

✈️ Polen received $341,251 in other compensation, which included significant personal use of corporate aircraft and a company car for security reasons.

👨‍💼 Former CFO Christopher DelOrefice earned $5.9 million in 2025 before leaving the company to join Ulta Beauty.

📈 New EVP Michael Feld received $4.1 million in 2025, which included $602,054 in other compensation primarily for relocation assistance.

💵 Other key executives, including Dr. Michael Garrison and Richard Byrd, saw their total compensation increase by 1% and 4% respectively for 2025.

🛡️ BD stated that its executive compensation program aims to serve the long-term interests of shareholders by attracting and retaining superior talent.

👥 The median employee’s annual total compensation rose to $45,831, which is a 5% increase from the previous year of $43,763.

⚖️ BD’s CEO-to-median-worker pay ratio narrowed from 396:1 last year to 374:1 in 2025.

✅ Overwhelming support for executive pay practices was noted among BD investors at the January 27, 2026 annual meeting.

Bullish Signals
  • BD increased its annual sales by 8% to $21.8 billion for the fiscal year ending Sept. 30, 2025, demonstrating strong revenue growth.
  • The company ranked as the 10th-largest medical device company globally according to Medical Design & Outsourcing's 2025 Medtech Big 100 ranking by revenue.
  • Median employee compensation increased by 5% from $43,763 to $45,831 year-over-year, reflecting improved pay for the broader workforce.
  • The CEO pay ratio narrowed from 396:1 to 374:1, indicating a more sustainable and shareholder-friendly executive compensation structure.
  • BD EVP and CFO Christopher DelOrefice's total compensation rose by 4% despite his departure, suggesting high demand for top talent in the medtech sector.
  • BD EVP Michael Feld joined the company with sign-on bonuses worth $2 million when he was promoted to CRO in October 2025.
  • A majority of investors voted in favor of BD's executive pay practices at the Jan. 27, 2026 annual meeting, signaling shareholder approval of current compensation strategies.
  • BD emphasizes that its compensation program serves long-term shareholder interests and is critical for attracting and retaining superior talent.
Risk Factors
  • BD reported an increase in median worker pay of 5% to $45,831, which may put pressure on the company's overall compensation budget and margins.
  • The CEO-to-median-worker pay ratio stands at 374:1, down from 396:1 previously, potentially highlighting a disparity that could be scrutinized for governance concerns.
  • Former CFO Christopher DelOrefice departed in December to join Ulta Beauty, creating succession risk as he transitioned to new executive compensation packages totaling $5.9 million.
  • CEO Tom Polen received $236,700 in pension value changes and significant personal use of corporate aircraft ($216,507 for 2025), raising questions about cost-efficiency and shareholder interest.
  • Life Sciences President Michael Feld joined BD only to receive a $2 million sign-on bonus in 2024, suggesting high talent acquisition costs that may impact profitability.
  • BD's focus on executive retention through competitive pay packages may lead to increased compensation expenses compared to competitors like Johnson & Johnson or Boston Scientific.
Full Analysis
Becton, Dickinson and Co. (BD), the tenth-largest medical device company globally by revenue, reported its 2025 executive compensation figures in a filing that highlighted a notable divergence between top leadership and median employees. Chairman, CEO and President Tom Polen’s total compensation decreased slightly to just over $17.1 million in 2025 from the prior year, with his salary set at $1.4 million. A significant portion of Polen’s package involved corporate aircraft use, specifically a $216,507 allowance for personal travel and a $236,700 change in pension value, which BD justified as measures for business continuity risk reduction. In contrast to the CEO's slight decline, several other senior executives saw increases: former CFO Christopher DelOrefice received $5.9 million (up 4%), Michael Feld earned $4.1 million, Dr. Michael Garrison took home $3.7 million (up 1%), and Richard Byrd earned $3.4 million (up 4%). The compensation breakdown for these leaders included substantial equity components. For example, DelOrefice’s package contained $3.1 million in stock awards and a $722,500 cash performance bonus before departing the company in December to join Ulta Beauty. Feld, who was promoted to Chief Revenue Officer in October 2025, received a $2 million sign-on bonus prior to joining and earned $1.6 million in stock awards for 2025. Other compensation elements like relocation assistance and car allowances were also included in Feld’s package. The company stated its goal is to balance attracting superior talent with serving the long-term interests of shareholders, emphasizing that a competitive program is critical for delivering returns. Beyond executive pay, BD disclosed data regarding median employee compensation as required by the U.S. Securities and Exchange Commission. The median annual total compensation for all employees excluding Polen was $45,831 in 2025, representing a 5% increase from $43,763 the previous year. Consequently, the ratio of CEO pay to median employee pay narrowed from 396:1 the prior year to 374:1 for 2025, despite the overall dollar amount paid to top leadership remaining higher in absolute terms compared to some peers. The company did not specify job titles or locations for its median employees. In recognition of these practices, BD investors overwhelmingly voted in support of the company’s executive pay proposals at the annual meeting held on January 27, 2026.