New chief at CryoLife

|By:, SA News Editor

CryoLife (CRY +0.7%) hires James Patrick Mackin as President & CEO effective September 2, 2014 replacing Steven G. Anderson who will transition to the role of Executive Chairman of the Board. Mr. Mackin joins the company from Medtronic (MDT +0.5%) where he was President of Cardiac Disease Management.

Mr. Mackin's employment contract specifies a base salary of $600,000 per year, a performance-based target bonus of $360,000, two country club memberships, a car allowance of $1,500 per month and up to $30,000 reimbursement for the costs of negotiating his employment contract. In addition, he will receive options to purchase 400,000 shares of CRY stock and a restricted stock grant of 250,000 shares.