Bryan Hanson's compensation for the first year when Solventum spun off from 3M into an independent company was $14.8 million, most related to his signing bonus when he was hired in September 2023.

3M recruited Hanson from Indiana-based medtech company Zimmer Biomet, where he served as chairman, president and chief executive.

Solventum became a standalone company in April 2024. His initial employment contract called for $11 million of "make-whole" payments to replace equity he surrendered when he left Zimmer.

Signing packages are common in CEO recruitments and can include a variety of things including cash payments and equity awards.

Here's how Hanson's 2024 pay broke down.

  • Total compensation for the year ended Dec. 31: $14,809,759
  • Salary: $1,350,000
  • Bonus: $6,500,000
  • Non-equity incentive pay: $2,231,550
  • Other compensation: $288,931
  • Value realized on vesting shares: $4,439,278
  • Total 2024 return to shareholders: -17.4%

The make-whole bonus included two $6.5 million cash payments, the second paid in 2024. Hanson also received $13 million in restricted stock units that would vest over three years; $4.4 million worth of the stock vested in 2024.

Since the spinoff, Solventum decided to plant its headquarters in Eagan. In part because of $8 billion in debt, it announced in December a restructuring plan to save the company $120 million annually. The plan includes cutting 800 of its 22,000 workers, including 110 in Minnesota.

In February, it announced plans to sell its purification business to Thermo Fisher Scientific for $4.1 billion in cash also to help pay down its debt.