Ian W. McLeod
About Ian W. McLeod
Ian W. McLeod is Vice President, Chief Accounting Officer and Treasurer at Anika Therapeutics (appointed April 2025), having served as Vice President, Chief Accounting Officer since July 2021; he is 59, a Certified Public Accountant, with a B.A. in Financial and Economic Studies from the University of Western Ontario and an M.B.A. from McMaster University . Company performance context during his tenure includes 2024 adjusted EBITDA of $15.5M, operating cash flow of $5.4M, international OA Pain Management revenue growth of 16% YoY, and divestitures to focus on HA-led businesses; cumulative TSR over 2020–2024 declined (value of a $100 investment to $32), while revenue moved from $130M in 2020 to $120M in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Abiomed, Inc. (public, global medical device) | Vice President, Corporate Controller | Nov 2007 – Jun 2021 | Senior finance leadership at a publicly traded global MedTech company |
| Idenix Pharmaceuticals, Inc. (public biotech) | Finance roles of increasing responsibility | Sep 2004 – Nov 2007 | Finance experience at a publicly traded biotechnology company |
External Roles
No external public-company directorships or committee roles are disclosed in McLeod’s proxy biography .
Fixed Compensation
Not specifically disclosed for McLeod in the proxy. Company framework for executive compensation emphasizes base salary, annual cash bonus, and long-term equity, with annual salaries reviewed by the Compensation Committee and bonus targets set as a % of salary; 2024 NEO salary and bonus structures are shown below to illustrate policy design .
| Compensation Element | Company description | Objectives |
|---|---|---|
| Base salary | Fixed cash compensation | Recognize executive talents and skills needed to drive company goals |
| Annual cash bonus | Discretionary, with corporate and individual metrics; capped at 150% of target | Reward financial, strategic, and operational results and individual contributions |
| Long-term equity | Mix of time-vesting RSUs and performance-based options | Align with stockholders, reward stock appreciation, support retention |
Performance Compensation
Company bonus and equity incentive design (applies to executive officers; specific McLeod payout details not disclosed):
| Metric | Weighting | Target | Actual | Payout impact | Vesting |
|---|---|---|---|---|---|
| Financial goals (Total Co. revenue; Regenerative Solutions sales; adjusted EBITDA) | 70% | 100% baseline | 80% achieved | 56% of target | Cash; no vesting |
| Strategic goals (portfolio realignment; divestitures; focus on HA) | 30% | 100% baseline | 75% achieved | 22.5% of target | Cash; no vesting |
| Overall corporate bonus outcome | — | 100% baseline | — | 78% of target | Cash; no vesting |
Long-term incentives (2024 program):
- 50% premium-priced stock options (exercise at 110% of grant-date fair market value), 50% time-vesting RSUs; both typically vest in three equal annual tranches starting one year after grant .
- Equity awards are granted under the 2017 Omnibus Incentive Plan structure and follow minimum vesting and no-repricing policies .
Equity Ownership & Alignment
- Stock retention guidelines: CEO must hold ≥3x base salary in shares/vested equivalents; other NEOs ≥1x; new executive officers have five years to achieve compliance; McLeod, appointed in April 2025, is within the five-year window .
- Prohibition on hedging and pledging: Insider Trading Policy bans hedging/pledging of Anika securities, with pledging exceptions only by CFO approval under specified conditions .
- Clawback policy: Compensation Recovery Policy adopted Nov 27, 2023 requires recovery of excess incentive-based compensation from current/former executive officers after a material restatement, covering the prior three fiscal years .
- Equity vesting norms: Options generally have 10-year terms and three-year vesting; premium-priced options use 110% of grant-date closing price; RSUs vest annually over three years .
Employment Terms
- Appointment history: VP, Chief Accounting Officer since July 2021; expanded to VP, Chief Accounting Officer and Treasurer in April 2025 .
- Executive retention agreements and severance (company framework; tiers disclosed for NEOs): double-trigger change-in-control severance with equity vesting acceleration for awards post-Jan 29, 2019; cutback to avoid 280G excise tax if beneficial; restrictive covenants include non-compete, non-solicitation, non-disparagement, confidentiality .
| Trigger | Type of Severance | CEO | EVP, CFO & EVP, GC | SVP, COO |
|---|---|---|---|---|
| Termination without cause or with good reason, not in connection with a change in control | Cash severance | 18 months’ salary | 12 months’ salary | 6 months’ salary |
| Health benefits | Company-paid premiums | 18 months | 12 months | 6 months |
| Termination without cause or with good reason, within 3 months before or 12 months after a change in control | Cash severance | 2x (12 months’ salary + target bonus) | 1.5x (12 months’ salary + target bonus) | 9 months’ salary + target bonus |
| Health benefits | Company-paid premiums | 18 months | 18 months | 9 months |
Note: McLeod’s individual severance agreement terms are not disclosed in the proxy; the above reflects disclosed NEO tiers .
Performance & Track Record
Company performance metrics (context for McLeod’s accounting leadership):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Total Shareholder Return (Value of $100 initial investment) | $87 | $69 | $57 | $44 | $32 |
| Net Income ($mm) | ($24) | $4 | ($15) | ($83) | ($56) |
| Revenue ($mm) | $130 | $148 | $156 | $167 | $120 |
2024 operating metrics:
| Metric | FY 2024 |
|---|---|
| Adjusted EBITDA ($mm) | $15.5 |
| Operating Cash Flow ($mm) | $5.4 |
| International OA Pain Management revenue growth YoY (%) | 16% |
Key 2024 accomplishments: Integrity Implant launch and growth (40%+ sequential growth for three consecutive quarters), sale of Arthrosurface (Q4 2024) and Parcus (Q1 2025), advancement of Hyalofast PMA and Cingal regulatory path, and $10.9M repurchased toward a $15M 10b5-1 plan completed in March 2025 .
Governance and pay-for-performance context:
- Say-on-pay support: ~89% of votes cast approved executive compensation at the 2024 annual meeting .
- Independent compensation consultant (WTW) and blended biotech/MedTech peer group used to calibrate pay .
- No pension benefits, no excise tax gross-ups, no option repricing; strong anti-hedging/pledging and stock ownership guidelines .
Related party transactions and compliance:
- No reportable related party transactions Jan 1, 2024 – Apr 21, 2025; Section 16(a) compliance largely on time with one late technical filing by the company for an RSU vest .
Investment Implications
- Alignment: Executive officers are subject to stock ownership guidelines, anti-hedging/pledging, and clawbacks, supporting pay-for-performance and reducing misalignment risk; McLeod, newly designated as VP CAO & Treasurer in April 2025, has a five-year window to meet ownership guidelines .
- Retention risk: The company employs executive retention frameworks with double-trigger CIC protection and restrictive covenants; McLeod’s specific severance terms are not disclosed, but company practice suggests market-level severance structures for senior executives .
- Performance signal: 2024 bonuses paid at 78% of target reflect disciplined pay outcomes against revenue/EBITDA and strategic goals, while adjusted EBITDA and OCF turned positive, indicating improved operational execution that should strengthen the finance organization’s credibility under the CAO’s purview .
- Trading signals: Anti-hedging/pledging policy reduces forced selling pressure; company-level buybacks in 2024–2025 signal management confidence, though McLeod’s personal equity holdings and vest schedules are not disclosed for direct insider pressure analysis .