Russell Schuster
About Russell Schuster
AdaptHealth’s Chief Commercial Officer since December 2, 2024; age 48 as of April 30, 2025, with ~25 years’ experience across corporate development, operations, and M&A in healthcare and industrials . Education and credentials: MBA (Northwestern Kellogg), BS in Accounting/Business Law (Miami University, OH), CPA; prior leadership includes President of Cardinal Health Canada driving organic revenue growth and margin expansion via a multi‑year strategy and operating efficiency programs . Company performance metrics that drive executive incentives emphasize Adjusted EBITDA, Free Cash Flow, Compliance, and Relative TSR; 2024 outcomes were Net Revenue $3.26B (+1.9% y/y), Adjusted EBITDA $688.7M (+2.7% y/y), Free Cash Flow $235.8M, which led to an overall annual bonus framework payout of ~114.52% of target for bonus‑eligible NEOs .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cardinal Health Canada | President | Nov 2020–2024 | Drove significant organic revenue growth and margin expansion through multi‑year strategy, refocused commercial execution, and operating efficiency programs . |
| Cardinal Health (Medical Segment) | SVP, Global Strategy & Business Development | Pre‑2020 (joined 2017) | Led enterprise strategy and BD/M&A across Medical Segment; earlier served as VP Corporate Development (identification and execution of M&A, partnerships, JVs) . |
| Republic Services | Corporate Development lead | Prior to 2017 | Led corporate development initiatives in Chicago; focus on M&A and strategic transactions . |
| Barclays / Lehman Brothers | Senior Vice President, Investment Banking Advisory | Earlier career | Advised on M&A; progressive roles in investment banking . |
| Ernst & Young | Transaction Advisory and Corporate Audit | Earliest career | CPA; foundation in audit and transaction advisory . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| MedTech Canada | Board of Directors | Prior to 2024 | Industry association leadership role . |
| naviHealth, Inc. | Board of Directors | Until 2020 | Served until acquisition by Optum in 2020 . |
Fixed Compensation
- Individual compensation for Schuster was not disclosed; he was not a Named Executive Officer (NEO) in 2024, and the proxy’s Summary Compensation Table does not include him .
- Company’s executive pay framework comprises base salary, annual cash bonus, and equity (mix of RSUs/PSUs) with strong emphasis on at‑risk, performance‑based pay; 2024 say‑on‑pay support was 96.8% .
Performance Compensation
Company’s executive annual incentive design (applied consistently for the CEO and her direct reports during 2024; individual payout for Schuster not disclosed):
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout Guidance |
|---|---|---|---|---|---|---|
| Adjusted EBITDA | 75% | $625.5M | $695.0M | $764.5M | $688.7M | 95.44% of target component |
| Free Cash Flow | 20% | $132.0M | $165.0M | $198.0M | $235.8M | 200.00% of target component (capped at 200%) |
| Compliance | 5% | n/a | 100% | 100% | Achieved at 100% | 100% of target component (subject to EBITDA modifier) |
| Overall payout (after EBITDA downward modifier) | — | — | — | — | — | ~114.52% of target for bonus‑eligible NEOs |
Long‑term incentives emphasize Relative TSR PSUs against a healthcare services peer group; payouts range 0–200% of target with thresholds at 25th/50th/75th percentile, vesting typically over three years (e.g., Feb 1, 2024 grant vests in Q1 2027) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Schuster) | Not disclosed in the 2025 proxy; not listed in the beneficial ownership table as of April 24, 2025 . |
| Ownership guidelines | CEO: 6x base salary; other executive officers: 3x base salary (CAO at 1.5x); five years to comply; 50% after‑tax retention if below guideline . |
| Hedging/pledging | Insider Trading Policy prohibits short‑term trading, short sales, options trading, trading on margin, pledging and hedging for covered insiders; no exemptions granted to executive officers . |
| Clawback policy | Compensation recovery policy effective Oct 2, 2023 for restatements; compliant with SEC/Nasdaq rules . |
| Change‑in‑control vesting | Company plan uses double‑trigger (CIC plus qualifying termination) for award vesting; governance settlement prohibits single‑trigger acceleration in future officer contracts . |
Employment Terms
- No specific employment agreement, severance, or change‑in‑control terms were disclosed for Schuster in the 2025 proxy or related filings; executive agreement summaries cover CEO, CFO, CTO, CAO, COO but not the CCO .
- Governance settlement in 2024 implemented reforms: full board declassification by 2026, no single‑trigger accelerated vesting in future officer contracts, optional Lead Independent Director, proxy access, and director resignation policy—affecting executive contract design and alignment .
Performance & Track Record
- Cardinal Health Canada: delivered “significant organic revenue growth and margin expansion” via multi‑year strategy and operating efficiency programs .
- AdaptHealth 2024 performance: Net Revenue $3.26B (+1.9% y/y), Adjusted EBITDA $688.7M (+2.7% y/y), Free Cash Flow $235.8M; these metrics directly anchor executive bonus outcomes and PSU design .
| AdaptHealth Stock Performance Graph (Indexed) | 12/31/2020 | 12/31/2021 | 12/30/2022 | 12/29/2023 | 12/31/2024 |
|---|---|---|---|---|---|
| AHCO | $100.00 | $65.12 | $51.17 | $19.41 | $25.35 |
| S&P Health Care Services Select Industry Index | $100.00 | $109.45 | $87.48 | $91.50 | $92.81 |
| S&P 600 Index | $100.00 | $125.27 | $103.45 | $117.81 | $125.85 |
Investment Implications
- Alignment: Company incentives heavily weight EBITDA/FCF and relative TSR; pledging/hedging prohibited; clawback in place—suggesting strong pay‑for‑performance and shareholder alignment for top executives including the CCO .
- Retention and pressure: As a 2024 hire, Schuster’s specific compensation and ownership are not disclosed; absence of published severance/CIC details limits visibility on retention economics—monitor future proxies and Form 3/4 filings for equity grants, vesting schedules, and any trading plans .
- Governance guardrails: 2024 reforms (no single‑trigger acceleration for officers) and double‑trigger vesting reduce parachute risk and dilute immediate CIC windfalls—lower red‑flag profile versus peers .
- Execution risk/opportunity: Background in scaling large businesses and improving margins at Cardinal Health Canada supports growth agenda in commercial strategy; success should show up in revenue growth and mix, with bonus metrics providing near‑term accountability .