David Caspers
About David Caspers
David Caspers, 54, is Chief Operating Officer of Ardent Health (ARDT) effective March 31, 2025, with oversight of operations across 30 hospitals and 280 sites of care; he holds degrees from St. Cloud State University and North Dakota State College of Science . Company performance context during his tenure: Q3 2025 revenue was $1,576.7 million and Adjusted EBITDA $143.0 million; nine months 2025 revenue was $4,719.3 million and Adjusted EBITDA $411.1 million . FY2025 guidance implies Adjusted EBITDA of $530–$555 million . Since the IPO, the company’s 2024 TSR indicated $106 value for a $100 initial investment versus $94 for the S&P Health Care Index peer group, with Net Income of $300 million and Adjusted EBITDAR of $659 million in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Leslie’s, Inc. (NASDAQ: LESL) | Chief Stores Officer | Oct 2023–Mar 2025 | Led retail operations scale for a DTC brand; oversaw nationwide store network . |
| Leslie’s, Inc. | SVP, Retail Operations | May 2023–Oct 2023 | Drove retail ops execution pre- and during senior leadership transition . |
| Walmart Inc. | VP, Omnichannel Retail Healthcare Operations | Aug 2022–May 2023 | Responsible for in‑store clinics and virtual health services integration . |
| Banner Health | VP roles (Healthcare Operations; Special Project BUMD; Patient Experience) | Aug 2015–Aug 2022 | Oversight across 30 hospitals, 350 clinics, 60 urgent care centers; enterprise ops and patient experience leadership . |
| Target Corporation | Various roles incl. retail healthcare operations | Not specified | Led retail healthcare operations; foundational retail operations experience . |
External Roles
No public company directorships disclosed for Caspers .
Fixed Compensation
| Component | Detail | Effective Date/Terms |
|---|---|---|
| Base Salary | $700,000 annual | Effective upon start; paid bi‑weekly . |
| Sign‑On Cash Bonus | $75,000 | Paid after first month of employment . |
| Sign‑On Equity | $100,000 in ARDT common stock | Grant as part of offer terms . |
| Location | Nashville, TN corporate office | Role based at corporate HQ . |
| Relocation & Interim Travel | Executive relocation services; reimbursement for round‑trip airfare to Phoenix twice per month for six months | Per plan; separate cover . |
| Benefits/Perquisites | Participation in senior officer benefits/perquisites | Standard programs for executives . |
Performance Compensation
Short‑Term Incentive (Annual Bonus)
| Item | Detail |
|---|---|
| Target Bonus | 90% of base salary (pro‑rated for 2025) . |
| Maximum (Corporate Goals) | 200% for all metrics starting 2025 . |
| Corporate Metrics (2025 design consistent with 2024) | Adjusted EBITDAR (50%), Profit Margin Improvement (25%), Quality/Experience Index (25%) . |
| Individual Goals | Set per 2025 business priorities . |
| 2024 Payout Context | Committee exercised negative discretion to cap at 100% of target despite above‑target performance, due to New Mexico state directed payment program . |
Long‑Term Incentive (Equity)
| Component | Target/Mix | Performance Metrics | Vesting |
|---|---|---|---|
| Total LTI Target (2025) | 1.75x base salary | PRSUs one‑year performance period; 3‑year relative TSR modifier added for alignment . | |
| Mix | 35% RSUs / 65% PRSUs | PRSUs tied to Adjusted EBITDAR (60% weight) and Net Revenue (40% weight), consistent with 2024 program, maintained for 2025 . | |
| RSUs | Time‑based | — | RSUs typically vest in three equal annual installments (historically March 31 tranches), continued practice noted for 2025 . |
| PRSUs | Performance‑based | Adjusted EBITDAR, Net Revenue; TSR modifier over three years | One‑year performance measurement; time‑based vesting across three years . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | Not disclosed for Caspers as of the March 28, 2025 proxy cut‑off; offer includes $100,000 stock grant . |
| Stock Ownership Guidelines | CEO 5x salary; Other NEOs 3x salary; Other Covered Executives 2x salary; must hold 50% of shares acquired until guidelines met . |
| Time to Compliance | Until the later of five years post‑IPO (July 18, 2029) or date becoming a Covered Executive (Caspers: March 31, 2025) . |
| Hedging/Pledging | Insider Trading Policy adopted; clawback policy compliant with Dodd‑Frank/NYSE; specific anti‑pledging provision not disclosed in cited sections . |
| Vesting/Overhang | RSUs typically vest in three annual tranches; PRSUs vest over three years after one‑year performance assessment, introducing periodic vesting‑related liquidity windows . |
Employment Terms
| Term | Detail |
|---|---|
| Start Date | March 31, 2025 . |
| Position | Chief Operating Officer . |
| Contract/Offer | Conditional offer signed Feb 18, 2025 ; term sheet outlines compensation and benefits . |
| Severance Eligibility | Eligible under Executive Severance Plan; qualifying terminations include involuntary without cause, non‑renewal, or resignation for good reason; plan generally provides multiples of base salary and target bonus plus COBRA reimbursement, per program guidelines . |
| Background/Compliance Conditions | Background screen, pre‑employment screening, medical exam if applicable, I‑9 verification . |
Investment Implications
- Pay‑for‑performance alignment is robust: 65% PRSU mix, metrics focused on Adjusted EBITDAR and Net Revenue, plus a three‑year relative TSR modifier, directly tie realized compensation to core value drivers and shareholder returns .
- Retention features: Three‑year time‑based vesting for PRSUs and three‑tranche RSU schedules support multi‑year retention; calendar‑based vesting cadence can create periodic selling windows, though explicit pledging restrictions were not disclosed in the cited sections; the 50% post‑settlement holding requirement until guidelines are met mitigates near‑term selling pressure .
- Severance program standardization: Eligibility under the Executive Severance Plan with defined qualifying termination conditions suggests predictable change‑in‑control and separation economics; precise multiples for Caspers were not disclosed beyond general program descriptions, reducing uncertainty but warranting monitoring for future amendments .
- Performance runway: 2025 guidance for Adjusted EBITDA ($530–$555 million) and demonstrated 2025 YTD revenue/Adjusted EBITDA progress frame a favorable environment for metric attainment under the bonus and PRSU programs; any deviation (e.g., liabilities such as the New Mexico accrual) may influence Committee discretion as evidenced in 2024 .
Monitoring priorities: upcoming vesting dates, any Form 3/4 filings for initial/ongoing holdings and transactions (to gauge selling pressure), attainment versus Adjusted EBITDAR and revenue targets, TSR relative to peer index, and any updates to severance/change‑of‑control terms or ownership guideline compliance timelines .