Michael Wattenbarger
About Michael Wattenbarger
Michael Wattenbarger is Executive Vice President and Chief Information Officer at Addus HomeCare, serving in this role since November 7, 2019; he was age 55 in the 2025 proxy and previously age 54 in the 2024 proxy, with prior roles as SVP and VP of Information Technology at Addus in 2018–2019 and CIO at LifeCare Management Services from 2006 to May 2018. He holds both a Bachelor of Arts and a master’s degree in management information science from Louisiana State University at Shreveport . Company performance during his tenure: Addus reported 2024 Net Income of $73.6 million and Adjusted EBITDA of $140.3 million, with a TSR value of $128.89 on a fixed $100 initial investment in 2024 (Item 402(v) Pay Versus Performance) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Addus HomeCare | EVP & Chief Information Officer | Nov 2019–present | Senior IT leadership for home care, home health, and hospice operations |
| Addus HomeCare | SVP, Information Technology | Aug 2019–Nov 2019 | IT leadership transition preceding CIO appointment |
| Addus HomeCare | VP, Information Technology | May 2018–Aug 2019 | IT leadership at the enterprise level |
| LifeCare Management Services | Chief Information Officer | 2006–May 2018 | CIO responsibilities at a health care services company |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or public board roles disclosed for Wattenbarger in the proxies . |
Fixed Compensation
Not disclosed. Wattenbarger is not included among the named executive officers (NEOs) in the Summary Compensation Tables for 2024–2022; the SCT covers Allison, Poff, Bickham, Anderson, and Gaffney .
Performance Compensation
Not disclosed for Wattenbarger. The company’s 2024 executive incentive framework for NEOs was entirely based on Adjusted EBITDA, with threshold/target/max payout levels and conversion to time-vested restricted stock; specific plan terms for Wattenbarger are not disclosed .
Company executive incentive framework (NEOs; reference for alignment):
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Adjusted EBITDA | 100% | 100% of target | 112% of target (FY2024) | 150% of target grant value | RS grants vest over 3 years on Feb 21 of 2026, 2027, and 2028 |
Key parameters:
- Cash and equity payout scale: 50% at 90% of target; 100% at 100%; 150% at 110% (linear interpolation) .
- For 2024 awards, RS values were converted using close price on Feb 21, 2025 and granted under the A&R 2017 Plan .
Equity Ownership & Alignment
| Measurement Date | Shares Beneficially Owned | Ownership % of Class | Vested vs Unvested | Pledged/Hedged |
|---|---|---|---|---|
| Apr 17, 2024 | 34,132 | “*” less than 1% | Not specifically broken out for Wattenbarger | Company policy prohibits pledging, margin accounts, short sales, and hedging |
| Apr 23, 2025 | 14,841 | “*” less than 1% | Not specifically broken out for Wattenbarger | Company policy prohibits pledging, margin accounts, short sales, and hedging |
Notes:
- Beneficial ownership includes shares underlying options exercisable within 60 days of the measurement date as per SEC rules; percent-of-class based on 16,370,336 shares (2024) and 18,399,139 shares (2025) .
- Anti-hedging/pledging policy applies to all directors, officers, and employees and prohibits holding Company stock in margin accounts and pledging Company stock as collateral .
Employment Terms
- Current role: EVP & Chief Information Officer (as of April 23, 2025 executive officers list) .
- Start date in current role: November 7, 2019 .
- Agreements and severance/change-in-control: Company discloses severance and change-in-control arrangements for NEOs, including immediate vesting of unvested equity upon a change in control if the executive is actively employed; no tax gross-ups for change-in-control payments .
- Clawback: Compensation recoupment policy adopted November 24, 2023 in compliance with Nasdaq’s listing standard under Dodd-Frank; filed as Exhibit 97.1 to the 2024 Form 10-K .
- Insider Trading/10b5-1 and restrictions: Insider Trading Policy filed as Exhibit 19.1 to the 2024 Form 10-K; prohibits hedging, derivatives on Company stock, short sales, margin accounts, pledging, and standing/limit orders unless approved .
Performance & Track Record
| Year | Addus TSR (Value of $100 Initial Investment) | Net Income ($000) | Adjusted EBITDA ($000) |
|---|---|---|---|
| 2020 | 120.44 | 33,133 | 76,907 |
| 2021 | 96.19 | 45,126 | 97,661 |
| 2022 | 102.32 | 46,025 | 101,480 |
| 2023 | 95.48 | 62,516 | 121,020 |
| 2024 | 128.89 | 73,598 | 140,290 |
Governance, Policies, and Related Party Transactions
- Related party transactions: 2024 agreement with Metasource, LLC (affiliate of Eos Management; Lead Director Mark First) approved by Audit Committee; ~$20,000 paid in FY2024 under the agreement; no other related person transactions >$120,000 disclosed since Jan 1, 2024 beyond standard comp arrangements .
- Corporate governance highlights: Independent committees; Code of Conduct; Insider Trading Policy; committee charters available on the company’s website .
Investment Implications
- Compensation alignment: Wattenbarger’s specific pay mix and incentive metrics are not disclosed as he is not an NEO, limiting direct pay-for-performance analysis; company-wide executive incentives center on Adjusted EBITDA with clear payout scales and time-vested equity, indicating a focus on profitability and retention .
- Ownership and selling pressure: Beneficial ownership reported at 34,132 shares (Apr 2024) and 14,841 shares (Apr 2025), both <1% of shares outstanding; the company’s prohibition on pledging and margin accounts reduces forced-selling risk from collateral calls. The change in reported beneficial ownership cannot be attributed to a specific cause without Form 4 detail, but anti-hedging/pledging policies lower alignment red flags .
- Retention and contractual protections: While Wattenbarger’s individual employment agreement terms are not disclosed, the company applies severance and change-in-control protections to NEOs and maintains robust restrictive covenants and clawback policies, which support continuity and reduce governance risk in the executive ranks .
- Execution risk: As CIO since 2019, his tenure coincided with rising Adjusted EBITDA and improved TSR in 2024, reflecting stable operational performance; however, absence of role-specific KPIs or PSU structures tied to IT/cyber or digital transformation constrains direct linkage of his incentives to strategic IT outcomes .