Timothy Guertin, president and chief executive of Varian Medical Systems, received compensation valued at $6.2 million in fiscal 2007, according to a proxy statement filed with the SEC. The compensation consisted of $773,098 in base salary combined with cash incentive awards totaling $561,076 for the year. Other compensation included $25,396 in car use and expenses, $14,937 in tax gross-ups, and $1,099 in company paid premiums for life insurance, financial consulting, and medical examinations. The majority of the executive’s salary, however, was realized in stock and option awards with an estimated value of $4.7 million on the days they were granted.

Varian Medical Systems posted net profits of $239.5 million, or $1.83 per share, compared with profits of $245.1 million, of $1.81 per share, in fiscal 2006. The earnings were lowered by the acquisition of ACCEL Instruments and Bio-Imaging Research during the year. During this time, the stock dropped from a 52-week high of $56 in November to a low of $37.30 in September.