The chief executive of bionic ear-maker Cochlear received a pay rise of nearly 17 per cent in 2011, similar to the rise in the company’s full year profit.

The company’s 2011 report showed that Chris Roberts received total remuneration of $2.49 million for the year, up nearly 17 per cent on the $2.13 million he received in 2010.

That was as Cochlear posted a 16 per cent increase in net profit to $180.1 million in the 2010/11 financial year.

Dr Roberts’ pay in 2011 included a fixed salary of $1.2 million, up from $1.14 million in 2010, according to the company’s annual report on Friday.

He received a bonus and options totalling $1.25 million, up from $952,344.

Earlier this week, Cochlear announced a global recall of the world’s thinnest hearing implants after some of the devices stopped working.

Cochlear, which dominates the world’s bionic ear market, was mystified as to why some of its Nucleus CI500 devices were suddenly shutting down.

The Nucleus CI500 range makes up the bulk of Cochlear’s sales.

Cochlear said on Monday that the financial impact of the recall was hard to predict at this stage.

The news prompted Cochlear’s share price to fall 20 per cent to $57.50 on Monday, amid worries about the financial impact and potential damage to the company’s reputation.

Cochlear shares gained 90 cents, or 1.79 per cent, to $51.20 on Friday.