Stephen D. Griffin
Executive Vice President, Chief Financial Officer and Chief Operating Officer at ANIK
Executive
About Stephen D. Griffin
Stephen D. Griffin is Executive Vice President, Chief Financial Officer and Chief Operating Officer of Anika; he joined as EVP, CFO & Treasurer on June 3, 2024 and was appointed EVP, CFO & COO in April 2025 (age 39). He holds a B.S. in Finance and Accounting from Boston College and an MBA from the University of Michigan. Prior roles include SVP & CFO at VSE Corporation and 12 years at General Electric across GE Healthcare, GE Aerospace, and GE Power in audit, FP&A and divisional CFO roles—experience aligned to operating transformation and capital allocation. In 2024 Anika delivered Adjusted EBITDA of $15.5M, operating cash flow of $5.4M, 16% YoY international OA Pain Management growth, and executed portfolio divestitures (Arthrosurface in Q4’24; Parcus Medical in Q1’25), key context for Griffin’s pay-for-performance alignment and role expansion to COO .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Anika Therapeutics | EVP, CFO & COO | Apr 2025–present | Combined finance and operations leadership to drive focus on HA-based portfolio, EBITDA and cash flow post-divestitures . |
| Anika Therapeutics | EVP, CFO & Treasurer (Principal Financial Officer) | Jun 2024–Apr 2025 | Led finance during strategic realignment; guaranteed 2024 bonus alignment on entry; implemented equity inducement awards . |
| VSE Corporation (NASDAQ: VSEC) | SVP & CFO | Nov 2020–May 2024 | Orchestrated transformation via organic growth, six acquisitions and two divestitures; led finance, IR and corporate IT . |
| General Electric | Corporate Audit, FP&A, Divisional CFO across GE Healthcare, GE Aerospace, GE Power | 2008–2020 | Operational finance leadership across regulated end markets; GE FMP graduate . |
External Roles
No public company board service disclosed .
Fixed Compensation
| Year | Base salary | Target bonus % | Target bonus ($) | Actual bonus ($) | Notes |
|---|---|---|---|---|---|
| 2024 | $500,000 | 60% | $300,000 | $300,000 (100% of target; offer guarantee) | Offer letter guaranteed at least 100% of 2024 target; eligible for upside at Board’s discretion . |
Performance Compensation
Annual cash bonus framework (2024 corporate results; CFO paid per offer guarantee):
| Metric (2024) | Weighting | Target | Actual | Corporate payout | CFO payout |
|---|---|---|---|---|---|
| Financial goals (Total Company revenue; global Regenerative Solutions sales; Adjusted EBITDA) | 70% | 100% | 80% | 78% blended corporate payout | 100% (offer override) |
| Strategic goals (strategic realignment/divestitures; EBITDA growth initiatives) | 30% | 100% | 75% | 78% blended corporate payout | 100% (offer override) |
Long-term equity awards:
| Grant type | Grant date | Grant value | Key terms | Vesting |
|---|---|---|---|---|
| Inducement RSUs | Jun 2024 | $1,000,000 | Settled in shares; number based on 20‑day avg price | 1/3 annually over 3 years from grant |
| Inducement premium‑priced stock options (PPISOs) | Jun 2024 | $1,000,000 | Exercise price set 10% above grant-date close (inducement) ; time‑vesting | 1/3 annually over 3 years from grant |
| Program design note (Company LTI) | 2024 cycle | — | For annual awards, premium‑priced options at 110% of FMV and time‑vesting RSUs; 2025 shifts to performance‑based RSUs with strategic and stock‑price goals (CEO two‑thirds performance) | As specified by award—generally 3‑year ratable vesting . |
Vesting cadence and near-term events:
- As of April 21, 2025, 12,840 RSUs were scheduled to vest within 60 days; 32,175 options were already exercisable within 60 days, indicating meaningful 2025 vesting events .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Less than 1% of outstanding shares (row shows “*”); includes 32,175 options exercisable within 60 days and 12,840 RSUs vesting within 60 days as of April 21, 2025 . |
| Hedging/pledging | Hedging prohibited; pledging prohibited except limited exceptions requiring CFO approval; pre‑clearance and Rule 10b5‑1 controls in place . |
| Ownership guidelines | NEOs must own stock equal to one times base salary; five years to comply; all NEOs are in compliance or within grace period . |
| Clawback | Compensation Recovery Policy adopted Nov 27, 2023 to recoup excess incentive pay upon restatements (3‑year lookback) . |
Employment Terms
Executive Retention Agreement (effective June 3, 2024) and Company NEO severance framework:
| Trigger | Cash severance | Health benefits | Equity treatment |
|---|---|---|---|
| Termination without cause (no CIC window) | 12 months base salary (paid over ~6 months) | 12 months at active employee rates (COBRA differential if needed) | No acceleration, except as provided by award terms . |
| Qualifying termination within CIC window (3 months before/12 months after CIC) | 1.5x (base salary + target bonus) lump sum (offsets any prior non‑CIC severance) | 18 months COBRA cash equivalent | Double‑trigger: if awards assumed/continued, immediate acceleration upon termination; if not assumed, single‑trigger acceleration at CIC; performance awards vest at greater of target or actual through measurement date . |
| 280G | Cut‑back (no excise tax gross‑up; reduce to avoid 4999 tax if beneficial) . | ||
| At‑will, arbitration, restrictive covenants | Employment at‑will; arbitration provision; Company NEO agreements include non‑competition, non‑solicitation, non‑disparagement, confidentiality covenants . |
Performance & Track Record
- Operating backdrop: 2024 Adjusted EBITDA $15.5M; $5.4M operating cash flow; OA Pain Management international revenue +16% YoY; Integrity rotator cuff system grew to >1% U.S. soft tissue augmentation share after full launch; executed Arthrosurface sale (Q4’24) and Parcus (Q1’25); repurchased $10.9M under 10b5‑1 toward $15M plan .
- Governance and investor alignment: 2024 Say‑on‑Pay approval ~89%; 2025 program shifts from premium‑priced options to performance RSUs with strategic and stock‑price hurdles for senior management .
- Prior value creation: At VSE, led strategic transformation via organic growth, six acquisitions, two divestitures; broader finance/operations pedigree from GE businesses .
Compensation Structure Analysis
- Cash vs equity mix: CFO’s 2024 total direct compensation emphasized equity via $2.0M inducement split evenly between RSUs and premium‑priced options, aligning pay with stock performance and retention (three‑year vesting) .
- Risk calibration: Premium‑priced options (inducement +10% over market; program standard +10% over FMV) reduce windfall risk and require outperformance for intrinsic value .
- Pay-for-performance rigor: 2024 corporate bonus calibrated below target (78%) based on weighted financial/strategic attainment; CFO paid 100% by offer guarantee only for 2024 entry year .
- 2025 tightening: Introduction of performance‑based RSUs tied to strategic and stock‑price outcomes raises performance sensitivity; higher performance weighting for CEO indicates committee stance likely extends to senior team .
Compensation Peer Group and Shareholder Feedback
- Peer group: 17‑company blend of biotech and med‑tech names (approx. two‑thirds biotech/one‑third medical devices) for 2024 decisions—e.g., Avid Bioservices, Collegium, MiMedx, Orthofix, SurModics, Vericel, etc. .
- Shareholder support: Say‑on‑Pay approvals ~89% in 2023 and 2024; ongoing engagement with holders covering compensation, strategy, and capital allocation .
Vesting Schedules and Insider Selling Pressure
- Scheduled vesting: CFO’s inducement RSUs and PPISOs vest 1/3 annually for three years beginning June 2025; as of April 21, 2025, 12,840 RSUs were due to vest within 60 days and 32,175 options were exercisable—potential catalysts for tax‑related sell‑to‑cover transactions within 10b5‑1 or pre‑cleared windows .
- Trading controls: Insider Trading Policy requires pre‑clearance, prohibits shorts/derivatives/hedging, and restricts pledging (rare exception with CFO approval), which mitigates misalignment and event‑driven selling risk .
Investment Implications
- Alignment and retention: Strong alignment via sizable, multi‑year equity and strict hedging/pledging prohibitions; ownership guideline (1x salary within 5 years) and clawback policy further reinforce investor alignment .
- Performance sensitivity rising: Move from premium‑priced options to performance‑based RSUs increases linkage to measurable strategic milestones and share‑price hurdles—positive for pay‑for‑performance quality. Near‑term, 2025 vesting events are modest relative to float (<1% beneficial stake), limiting mechanical selling pressure signals .
- Risk/benefit of combined role: CFO/COO dual mandate can accelerate execution on portfolio focus and cash generation but concentrates key-person risk; severance/CIC terms (1.5x salary+bonus and double‑trigger vesting) support retention through strategic milestones (Hyalofast PMA, Cingal pathway) .
- Activist-informed capital allocation: The Caligan cooperation agreement and buyback commitments place additional emphasis on capital discipline—an area squarely within Griffin’s remit .