ARLINGTON, Va., June 4, 2025 -- Instrument Business Outlook (IBO), the leading newsletter for the analytical and life science instrument industry and a part of the Science & Medicine Group, has published its 2024 Executive Compensation Review, revealing notable shifts in CEO and executive pay across the scientific instrumentation and laboratory tools sector.
Despite ongoing macroeconomic pressures and stock market volatility, average total compensation for CEOs in IBO's coverage expanded by 10.5% in 2024, reaching $9.1 million. This growth was driven by strong equity awards and increased cash incentives, signaling a year of transition and partial recovery for the industry.
While the first half of 2024 was marked by funding slowdowns in key global markets—including pharma and China—most firms saw an uptick in sales by year-end due to robust demand for consumables and services, as well as steady industrial market growth. Still, many companies experienced declining share prices, creating a complex backdrop for executive compensation decisions.
Key Highlights from the Report:
- Top Paid CEOs:
- Marc Casper (Thermo Fisher Scientific): $30.4 million (+63%)
- Rainer Blair (Danaher): $22.1 million (+6%)
- Jacob Thaysen, PhD (Illumina): $14.8 million (+216%)
- Marc Casper (Thermo Fisher Scientific): $30.4 million (+63%)
- Fastest Compensation Growth:
- Michael Egholm, PhD (Standard BioTools): +332%
- William Martin III (Maravai LifeSciences): +177%
- Jacob Thaysen, PhD (Illumina): +216%
- Michael Egholm, PhD (Standard BioTools): +332%
- Total Realized Pay Leader:
- Marc Casper (Thermo Fisher Scientific) led again with $93.1 million in realized compensation.
- Compensation Trends:
- Average base salaries rose 7% to $905,000
- Cash incentives surged 72% on average
- Equity compensation comprised 76% of total pay, averaging $7.0 million
- CEOs at firms such as Illumina and Standard BioTools saw compensation increases despite mixed financial performance
- Average base salaries rose 7% to $905,000
In addition to CEO compensation, IBO analyzed pay for executives leading dedicated business units. Average total compensation for these leaders increased 3.4% to $2.4 million. William Geist of Bio-Techne topped the list at $3.6 million.
"2024 was a reset year for the scientific tools industry," said Tanya Samazan, Editor of IBO. "Despite stock market setbacks, improving fundamentals late in the year and renewed strategic focus are evident in the executive compensation data."
The report is based on SEC proxy data for 21 public companies and tracks year-over-year changes in salaries, bonuses, stock and option grants, and other forms of compensation. IBO also included analysis of "realized pay" to offer a more grounded view of actual earnings.
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