Anastasios Konidaris
Amneal PharmaceuticalsAbout Anastasios Konidaris
Executive Vice President and Chief Financial Officer of Amneal Pharmaceuticals (AMRX). He has served as EVP & CFO since August 2020, after joining as SVP & CFO in March 2020; his employment agreement is dated March 11, 2020 . He holds an MBA from Drexel University and a B.S. from Gwynedd Mercy College . Under his tenure, the company raised 2025 guidance for Adjusted EBITDA to $675–$685 million and EPS to $0.75–$0.80, and reported Q3 2025 net revenue growth to $784.5 million from $702.5 million YoY .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alcresta Pharmaceuticals | Executive Vice President & Chief Financial Officer | Since March 2016 (prior to joining Amneal in 2020) | CFO leadership at specialty pharma prior to AMRX; brought operating/finance expertise to AMRX |
| Ikaria | Senior Vice President & Chief Financial Officer | Oct 2011 – May 2015 | Led finance at biotherapeutics company |
| Dun & Bradstreet Corporation | Senior Vice President & Chief Financial Officer; Principal Accounting Officer; led Global Finance Operations (2005–2007) | 2007 – May 2011 | Drove finance operations at a leading commercial information services firm |
| Earlier career: Schering-Plough, Pharmacia, Rhone-Poulenc Rorer, Novartis, Bristol-Myers Squibb | Senior financial/operational roles | n/a | Progressive senior roles across large-cap pharma |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Zep, Inc. | Director; Chairman of the Audit Committee | Since 2015 | Ongoing public company governance |
| Kadmon Holdings | Chairman | Prior | Prior public company board leadership |
| Pernix Therapeutics | Director | Prior | Prior public company board service |
| Delcath Systems | Director | Prior | Prior public company board service |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (paid) ($) | 550,000 | 563,327 | 580,731 |
| Base Salary Rate at Year-End ($) | — | 566,500 | 585,000 |
| Target Bonus % of Salary | 55% (per employment agreement) | 55% | 55% |
| Actual Annual Incentive ($) | 289,493 | 453,902 | 386,100 |
| All Other Compensation ($) | 16,886 | 18,531 | 18,927 |
| Total Reported Compensation ($) | 2,733,186 | 1,891,266 | 2,852,333 |
- 2024 “All Other Compensation” included company 401(k) match $17,250 and life/disability insurance premiums $1,677 .
Performance Compensation
- Annual Incentive Plan (AIP) design: Company performance is Adjusted EBITDA with threshold 85% and max 125% of target; company multiplier ranges 25%–150%. Individual performance multiplier ranges 0%–150% .
- 2023 AIP payout details (illustrative, Konidaris): Base $566,500; target 55%; company multiplier 121.4%; individual multiplier 120%; final payout $453,902 (145.7% of target) .
| AIP Metric (2023) | Target | Actual/Multiplier | Payout |
|---|---|---|---|
| Base Salary ($) | 566,500 | — | — |
| Target % | 55% | — | — |
| Company Perf. Multiplier | — | 121.4% | — |
| Individual Multiplier | — | 120% | — |
| Final AIP Payout ($) | 311,575 | 145.7% of target | 453,902 |
- Long-Term Incentive (LTI) mix and metrics:
- 2024 LTI target value $1,900,000, split 50% PSUs / 50% RSUs; grants valued using $5.40 close on Mar 4, 2024 .
- PSU performance metric: stock price growth over multi-year periods; 2021–2024 PSU tranche paid 0% estimate; 2022–2025 PSU listed at threshold units; 2023–2026 PSU estimated above target (max units shown) .
- The company does not currently grant new stock options .
| LTI Component | Grant/Measure | Vesting / Performance | Shares/Value Details |
|---|---|---|---|
| RSUs | 2024 grant (50% of $1.9M) | Time-based | Granted per 2018 Plan; details per award agreements |
| PSUs | 2024 grant (50% of $1.9M) | Stock price growth (multi-year) | Payout 0%–200% of target based on performance |
| PSUs (2021–2024) | Stock price (3/1/2021–2/29/2024) | Concluded | Estimated payout 0% of target |
| Stock Awards Vested in 2023 | — | — | 169,205 shares; $296,817 value |
Equity Ownership & Alignment
- Beneficial ownership (as of March 14, 2025): 621,882 shares of Class A common stock; “% of class” indicated as “*” (<1%) with 313,382,260 shares outstanding .
- Stock ownership guidelines (executives): 2x base salary for executive officers; all NEOs in compliance .
- Anti-hedging and pledging: Hedging prohibited; pledging prohibited for directors and executive officers who are not Amneal Group Members .
| Ownership Snapshot (3/14/2025) | Shares | Options | RSUs Counted in Table | % of Class |
|---|---|---|---|---|
| Anastasios Konidaris | 621,882 | — | — | * |
Outstanding equity awards (12/31/2023):
- Time-based RSUs: 87,720 (vest 3/12/2024) ; 72,394 (vest 50% on 3/1/2024 & 3/1/2025) ; 135,870 (vest 1/3 each on 3/3/2024, 3/3/2025, 3/3/2026) ; 229,358 (vest 1/4 each on 3/3/2024–2027) .
- PSUs: 90,580 (2022–2025 tranche shown at threshold units) ; 458,716 (2023–2026 tranche shown at maximum units; estimated above target at 2023 year-end) .
| Award Type | Shares/Units | Vesting/Performance Dates | Market/Payout Value Basis |
|---|---|---|---|
| RSU | 87,720 | Vests 3/12/2024 | $6.07 close (12/29/2023) used for valuation |
| RSU | 72,394 | 3/1/2024; 3/1/2025 (50/50) | $6.07 basis |
| RSU | 135,870 | 3/3/2024; 3/3/2025; 3/3/2026 | $6.07 basis |
| RSU | 229,358 | 3/3/2024–3/3/2027 (annual) | $6.07 basis |
| PSU (2021–2024) | — | Concluded 2/29/2024; estimated payout 0% | — |
| PSU (2022–2025) | 90,580 (threshold) | 3/1/2022–2/28/2025 | Payout 0%–200% of target |
| PSU (2023–2026) | 458,716 (maximum) | 3/1/2023–2/28/2026 | Estimated above target at YE 2023 |
Employment Terms
- Base salary at hiring and bonus target: Agreement set base salary at $550,000 and target annual bonus at 55% of base, with individual multiplier 0%–150% .
- Initial equity: RSUs with $1,000,000 value and PSUs with $1,000,000 value; RSUs vest in four equal annual installments starting on first anniversary; PSUs earned/vest per NEO PSU conditions .
- Term and renewal: Term extended on Feb 21, 2023, effective Mar 1, 2023, through March 31, 2025, with automatic one-year renewals unless a party gives 90 days’ notice .
- Severance (without Cause / for Good Reason): 150% of base salary; prorated annual bonus based on actual performance; 18 months benefits continuation; 12 months outplacement .
- Change in Control severance: Same cash/benefits as above upon qualifying termination within three months prior to or 12 months after a change in control; equity awards accelerate (performance based on actual achievement as of termination), with options (if any) exercisable for at least 12 months post-termination .
- Quantified termination benefits (as of 12/29/2023):
| Scenario | Cash ($) | Accelerated RSUs ($) | PSUs ($) | Health & Outplacement ($) | Total ($) |
|---|---|---|---|---|---|
| Without CoC (Terminated w/o Cause or for Good Reason) | 1,303,652 | — | 1,740,254 | 58,413 | 3,102,319 |
| With CoC (Qualifying termination) | 1,303,652 | 3,188,826 | 1,740,254 | 58,413 | 6,291,145 |
| Death | — | — | 1,740,254 | — | 1,740,254 |
| Disability | — | — | 1,740,254 | — | 1,740,254 |
- Clawback: Policy requiring recovery of excess incentive-based compensation following restatements, per SEC/Nasdaq rules .
- Governance and say-on-pay: 2024 say-on-pay support was 99.5%; 2023 support 98.4% .
- Additional indicators of execution: Konidaris signed 8-Ks, debt indentures, and credit facility amendments tied to the company’s refinancing and capital structure optimization in 2025 (senior notes due 2032; term loan and revolver amendments) . He also signed earnings 8-Ks (as principal financial and accounting officer) .
Investment Implications
- Pay-for-performance alignment: Annual bonuses are tightly linked to Adjusted EBITDA with explicit thresholds/caps, and PSUs are tied to multi-year stock price performance; 2021–2024 PSU tranche paid 0%, evidencing downside risk when targets aren’t met . High say-on-pay approvals (98–99.5%) suggest investors broadly endorse the compensation design .
- Retention and selling pressure: A multi-year RSU/PSU vesting calendar through 2027 and a 2x salary stock ownership guideline (with policy-prohibited hedging/pledging) support retention and alignment; lack of options reduces forced exercise dynamics .
- Change-in-control economics: Cash severance is modest at 1.5x salary, but equity accelerates upon qualifying termination around a CoC; this is effectively double-trigger based on the described conditions, balancing retention with potential dilution timing considerations .
- Execution track record: 2023 AIP included a 120% individual multiplier for Konidaris, reflecting exceeding budgeted financial metrics, a major term loan refinancing extending maturities, and reorganization work; 2025 guidance raises and Q3 2025 revenue growth underscore operating momentum under his financial leadership .