Ojas Buch
About Ojas Buch
Ojas Buch is Chief Operating Officer (COO) of Allurion Technologies (ALUR) since June 3, 2024. He previously served as President—Americas at PENTAX Medical (Apr 2021–Jul 2023) and as VP, Connected Care at Philips (Mar 2015–Mar 2021), with earlier leadership roles at CareFusion, St. Jude Medical, and GE Healthcare; he holds a B.S. in Biomedical Engineering (University of Bombay) and an M.S. in Biomedical Engineering (University of Akron) . During his tenure, ALUR’s fundamental KPIs show revenue falling from FY 2023 to FY 2024 and EBITDA losses narrowing; see Company Performance table below for details (S&P Global values) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PENTAX Medical (HOYA) | President—Americas | Apr 2021 – Jul 2023 | Led regional business for an endoscopic imaging portfolio in Gastroenterology and Otolaryngology . |
| Philips | Vice President, Connected Care | Mar 2015 – Mar 2021 | Senior leadership within diversified medical equipment/connected care platform . |
| CareFusion; St. Jude Medical; GE Healthcare | Various leadership roles | Prior to 2015 | Broader MedTech operating experience across devices and healthcare technologies . |
External Roles
No public company directorships or external board roles disclosed for Mr. Buch .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Annual Bonus ($) | Notable Cash/Benefits |
|---|---|---|---|---|
| 2024 | 400,000 | 50% of base | 0 (no NEO bonuses paid for 2024) | Up to $30,000 relocation reimbursement |
Performance Compensation
Equity Grants and Vesting
| Award Type | Grant/Commencement | Quantity/Value | Strike/Terms | Vesting Schedule |
|---|---|---|---|---|
| Stock Options | 06/03/2024 (vesting start 06/03/2024) | 12,271 options | $35.75 exercise price; exp. 06/02/2034 | 25% on 1st anniversary, then 36 equal monthly installments . |
| RSUs | 11/08/2024 | $226,381 grant date fair value | — | 50% vest on 1st anniversary; remaining 50% on 2nd anniversary . |
- Bonus plan metrics/weights: NEOs are eligible for annual performance-based cash bonuses, but specific 2024 metric weights were not detailed; no bonuses were earned/paid for 2024 .
Option Repricing Context (potentially affecting alignment)
| Item | Detail |
|---|---|
| Option Repricing Proposal | Preliminary proxy proposes repricing of “Eligible Options”; Buch holds 12,271 Eligible Options with WAVG strike $35.75 (subject to shareholder approval) . |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership (Feb 28, 2025) | Not listed with any beneficially owned common shares; line item shows “—” for Ojas Buch . |
| Outstanding unvested RSUs (12/31/2024) | 12,270 RSUs (vest 50% on 11/08/2025 and 50% on 11/08/2026) . |
| Options outstanding (12/31/2024) | 12,271 options at $35.75, unexercisable at 12/31/2024; 4-year vest (25% cliff then monthly) . |
| Hedging/Pledging | Company policy prohibits hedging and pledging, including use of company securities as collateral or in margin accounts . |
| Clawback policy | Compensation Recovery Policy adopted Oct 2, 2023 (Dodd-Frank/NYSE-aligned) . |
Vesting-related selling pressure: The two-tranche RSU schedule (50% at ~11/08/2025 and 50% at ~11/08/2026) creates discrete potential liquidity events, subject to trading windows/10b5-1 plans and policy constraints .
Employment Terms
| Term | Summary |
|---|---|
| Employment basis | At-will; offer letter dated May 17, 2024 . |
| Base salary | Initial $400,000 with periodic review . |
| Target bonus | 50% of base salary . |
| Relocation | Up to $30,000 reimbursement . |
| Severance (non‑CoC) | 9 months’ salary continuation if terminated without cause or resigns for good reason . |
| Change-in-control (CoC) | 12 months’ salary continuation and equity acceleration upon qualifying CoC termination . |
| Other | Eligible to participate in broad-based employee benefit plans . |
Performance & Track Record
- Tenure context: Joined as COO on June 3, 2024 . Prior roles were in GI endoscopy and connected care, aligning with ALUR’s medical device focus .
- Company performance (foundation for pay-for-performance assessment) summarized below (S&P Global values):
Company Performance (Annual)
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | 53,467,000 | 32,110,000 |
| EBITDA ($USD) | -78,332,000* | -44,201,000* |
Values retrieved from S&P Global.
Note: FY 2024 revenue declined from FY 2023, while EBITDA loss narrowed year over year (see figures above) .
Investment Implications
- Pay-for-performance alignment: 2024 cash bonuses paid to NEOs were $0 despite eligibility; equity mix (time-vested RSUs and options) dominates Buch’s at-risk comp, aligning him with long-term outcomes but with less direct linkage to near-term operating metrics given lack of explicit disclosed STI metric results .
- Retention and selling pressure: Two-step RSU vesting (50%/50% in Nov 2025/2026) and a four-year option vest create predictable windows that may introduce incremental selling pressure as tranches vest, moderated by insider trading policies and potential 10b5‑1 plans .
- Change-in-control economics: A double-trigger CoC with 12 months’ salary continuation and equity acceleration provides strong retention through strategic alternatives but can accelerate equity overhang in a sale scenario .
- Ownership alignment: As of Feb 28, 2025, Buch is not shown with beneficial common ownership, so alignment rests on unvested equity rather than current share ownership; zero pledging/hedging allowed reduces misalignment risk .
- Compensation structure risk: A pending option repricing proposal covering Eligible Options, including Buch’s grants, signals potential lowering of performance hurdle for option value realization—improving retention/incentive potency but raising governance concerns around pay-for-performance rigor .
- Corporate capital structure and dilution backdrop: Company-wide overhang from warrants/convertible notes and related shareholder proposals underscores broader dilution risk not specific to Buch but relevant for equity compensation value realization and relative alignment .