Leonel Peralta
ACCURAYAbout Leonel Peralta
Leonel Peralta is Senior Vice President and Chief Operations Officer at Accuray (ARAY), appointed effective February 3, 2025; he was 55 as of August 31, 2025. He holds an MBA from the University of Chicago, an MS in Mechanical Engineering/Engineering & Management from the University of Miami, and a BS in Mechanical Engineering from Florida International University . Company fiscal 2025 results relevant to incentive alignment: revenue $459 million, orders (net of cancellations) $288 million, and adjusted EBITDA $28.8 million; the Board determined not to pay Company Bonus Plan cash incentives for FY2025, and pay-versus-performance disclosures show a $100 initial investment translating to $70 at FY2025 TSR levels .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Siemens Healthineers (Ultrasound Division) | Vice President, Head of Global Operations | Sep 2021 – Jan 2025 | Led global operations; large-scale supply chain and manufacturing leadership in imaging |
| Medtronic (Diabetes) | VP, Global Operations | Feb 2015 – Sep 2021 | Global operations leadership in diabetes devices; scaling manufacturing and cost execution |
| Hill-Rom (Baxter); KCI Medical (3M); GE Healthcare | Various management roles | Not disclosed | Progressive operating roles in medical devices; operations and manufacturing depth |
External Roles
Company filings reviewed do not disclose current public-company board roles or committee positions for Peralta .
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base Salary | $450,000 annual | Subject to review per Company practices |
| Target Annual Bonus | 60% of base salary | Under Company Bonus Plan; actual payout contingent on corporate/individual metrics and may be zero |
| Sign-on Bonus | $80,000 (paid first regular payroll post start) | Clawback if voluntary quit (except Good Reason) or terminated for Cause within two years |
| RSU Inducement Award | Aggregate grant-date value $750,000 | 25% vests on each of the 1st–4th anniversaries of grant; settled within 60 days post vesting |
| Eligibility for Additional Equity | Options, RSUs, PSUs at Board/Comp Committee discretion | Plan-based awards per Company programs |
Performance Compensation
Company Bonus Plan (FY2025) – Corporate metrics (applies to executive eligibility; Company determined not to pay FY2025 cash incentives):
| Metric | Weighting | Threshold | Target | Maximum | Actual | % Plan Attained | Weighted Funding |
|---|---|---|---|---|---|---|---|
| Orders (net of cancellations) | 30% | $298.7M | $331.9M | $365.1M | $288M | 97 | 0 |
| Revenue | 35% | $437.0M | $475.0M | $498.8M | $459M | 87 | 27 |
| Adjusted EBITDA | 35% | $37.1M | $44.5M | $52.0M | $28.8M | 65 | 0 |
- Board decision: No Company Bonus Plan cash incentive awards paid for FY2025 to conserve cash and due to debt covenant considerations .
FY2027 Inventory Reduction Performance Bonus (Peralta-specific):
| Performance Condition (Total Ending Inventory at FY2027) | Payout |
|---|---|
| $115,000,000 – $104,999,999 | $100,000 |
| $105,000,000 – $94,999,999 | $200,000 |
| $95,000,000 or less | $300,000 |
Vesting and Settlement Mechanics:
- RSUs vest 25% on each of the first four anniversaries of grant; settled in whole shares within 60 days after vest; company may sell shares automatically on vest date to cover withholding taxes per policy .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Section 16 Statement (Form 3) | “No securities are beneficially owned” as of Feb 13, 2025 |
| Stock Ownership Requirements | Other executive officers must own shares valued at least 1× annual base salary within five years; retain ≥25% of net shares until compliant; all execs in compliance or on track as of FY2025 year-end |
| Hedging/Pledging | Hedging, short sales, derivatives, margin accounts prohibited; pledging Company securities prohibited |
| Equity Award Structure | Emphasis on RSUs and PSUs to align with long-term performance; “double-trigger” acceleration for equity upon CIC + qualifying termination |
Employment Terms
| Term | Key Provision | Economics/Duration |
|---|---|---|
| Start Date & Role | SVP, Chief Operations Officer; effective Feb 3, 2025 | Reports to CEO; full-time employment commenced on Effective Date |
| Relocation | Relocate to Madison, WI area within six months of Effective Date | Required per Agreement |
| Agreement Term | Initial 3-year term; automatic successive 3-year renewals unless timely non-renewal notice | Structural retention feature |
| Non-Solicit (Employees) | No solicit/hire/retain exempt employees | 12 months post-termination |
| Non-Solicit (Customers/Partners) | No solicitation/interference using Proprietary Information | 12 months post-termination |
| Non-Compete | Prohibition on competing applies during employment; agreement affirms restrictions do not prevent medical device industry work post-employment | During employment only |
| Proprietary Information & DTSA | Robust confidentiality; DTSA whistleblower notice included | Ongoing obligations; DTSA Exhibit A |
| Severance (No CIC) | Lump sum 12 months base salary; COBRA premium reimbursement for 12 months; prorated current-year bonus or prior-year bonus per timing; outplacement; 30-day termination notice or pay in lieu | 1× salary; bonus per plan timing; 12 months benefits; notice clause |
| Severance (CIC – Double Trigger) | Lump sum 24 months base salary; 200% of target bonus; 12 months COBRA reimbursement plus taxable monthly equivalent; full vesting of all outstanding equity (performance awards at target unless specified); outplacement | 2× salary; 2× target bonus; equity acceleration; 12 months benefits |
| Good Reason | Material reduction in base comp; material breach; material diminution in authority/duties (with CIC timing nuances); relocation increase ≥30 miles after Madison move; notice/cure required | Qualifying resignation eligibility for severance |
| 409A Compliance | Delay for “specified employee” if required; no gross-up; cutback to avoid 4999 excise if beneficial | Tax compliance; cutback provision |
| Dispute Resolution & Venue | Arbitration; California law; Santa Clara County exclusive forum | Mandatory arbitration and venue clauses |
| Power of Attorney (Section 16) | POA authorizes Company/Wilson Sonsini attorneys to file Forms 3/4/5 | Executed Feb 3, 2025 |
| Related Party Transactions | None requiring Item 404(a) disclosure | Stated in 8-K appointment |
Investment Implications
- Near-term selling pressure appears limited: initial Form 3 shows no beneficial ownership at appointment; RSUs vest over four years with settle-within-60-days mechanics, and insider policy allows automatic sell-to-cover on vesting for taxes, suggesting episodic rather than continuous selling pressure .
- Strong retention constructs: auto-renewing 3-year term, double-trigger CIC severance (2× salary, 200% target bonus, equity acceleration), and 12-month post-termination non-solicit reduce voluntary departure risk, especially around potential strategic transactions .
- Pay-for-performance alignment: FY2025 Company Bonus Plan metrics were not paid despite partial revenue attainment, and long-term equity emphasizes RSUs/PSUs; Peralta’s added FY2027 inventory bonus directly ties cash payout to working capital discipline, a tangible operations lever .
- Governance risk mitigants: robust clawback policy (no recoveries to date), explicit hedging/pledging prohibitions, stock ownership requirements (1× salary for execs), and independent compensation oversight support alignment and reduce governance red flags .
- Execution focus: prior roles at Siemens Healthineers and Medtronic signal deep operations expertise; current incentive design around inventory suggests measurable improvements to cash conversion and supply chain reliability are likely management priorities under Peralta’s remit .