Michael H. Carrel

CEO of AtriCure

Field of Expertise

Business & Management

Economy Sector

Healthcare

Current Tenure

12 years 4 months (Nov 2012 - Present)

Previous Experience

President and Chief Executive Officer of Vital Images

Michael H. Carrel has been the President and CEO of AtriCure, Inc. since November 2012. Before joining AtriCure, he was the CEO at Vital Images, which was sold to Toshiba in 2011. Carrel started his career at Vital Images in 2005 as their Chief Operating and Financial Officer. Under his leadership, AtriCure focuses on innovative solutions for cardiac surgery. In 2018, Carrel's potential bonus was set at 75% of his salary, reflecting a strong performance-linked pay structure. Insider trading data shows that Carrel's holdings in AtriCure peaked at about $41 million in May 2021, highlighting significant investor confidence. His employment contract includes provisions for a base salary of $500,000 along with a signing bonus and stock options, showcasing how AtriCure aims to align executive compensation with company success. Carrel's approach emphasizes performance metrics that steer the company towards operational and financial goals, aiming to create long-term value for shareholders.

Year

2012

Total Compensation

$201.46K

Salary

$83.33K

Board Justification

The compensation philosophy is rooted in a pay-for-performance approach that links executive officer compensation to company performance, aiming to attract, motivate, and retain talented executives while aligning their interests with those of stockholders.

Bonus

$0.00

Board Justification

No bonuses were paid for 2012 as the determination of the annual incentive targets was not made until the second half of the year due to transitions in management.

Other

$118.13K

Board Justification

Other compensation includes reimbursement of certain out-of-pocket expenses, including temporary housing and for reimbursement up to $10,000 annually for incremental term life insurance.

Restricted Stock

$0.00(0 N/A)

Board Justification

No stock awards vested in 2012 as the amounts reported in the stock awards column represent the aggregate grant date fair value of performance share awards, restricted stock awards and option awards computed, as of each grant date, in accordance with FASB ASC Topic 718.

Performance Metrics

The performance metrics for determining the compensation are based on the achievement of specific operational, financial, and strategic goals.

David J. Drachman

Ex-CEO of AtriCure

January 2002 - September 2012