Good Evening
Good Evening

Henry Schein extends CEO Stanley Bergman’s contract 3 years

Stanley Bergman, chairman and chief executive of Henry

Stanley Bergman, chairman and chief executive of Henry Schein Co., speaks at the Professional Women in Healthcare dinner in Woodbury on Wednesday, July 22, 2015. Credit: David L. Pokress

Henry Schein Inc., Long Island’s largest public company by sales, is giving a three-year extension to chairman and chief executive Stanley Bergman, according to government documents made public Thursday.

The revised employment agreement would take effect Dec. 31 and run until Dec. 31, 2019.

As a sweetener to “induce the executive to accept the terms of the restated agreement,” the Melville distributor of dental, medical and animal health products will grant Bergman, 66, restricted stock worth $5 million, according to the filing with the Securities and Exchange Commission.

The agreement calls for Bergman to receive a base salary of $1.2 million per year plus incentives and benefits.

Bergman joined the company in 1980 and became chairman and chief executive in 1989. The native of South Africa has overseen a push into international markets. From 1995 to 2015, annual revenue has grown from about $600 million to $10.6 billion.

In a statement, company director Philip A. Laskawy said that the “agreement reflects the board’s continued confidence in the leadership of Mr. Bergman.”

From its initial public offering on the NASDAQ in November 1995, through Thursday’s close, Henry Schein’s stock price has risen 1,235 percent, according to Yahoo Finance.

In 2014, the most recent year available, Bergman’s total compensation, including salary, stock awards and non-equity incentives, was $6.9 million.

More news