Eric Foster
ARDELYXAbout Eric Foster
Eric Foster, age 50, is Chief Commercial Officer at Ardelyx since August 5, 2024, with prior senior commercial leadership at Amgen, Horizon Therapeutics, GlaxoSmithKline, and Johnson & Johnson; he holds a BA in Economics from the University of Georgia and an MBA from Auburn University . Ardelyx delivered 2024 net product sales of $319.2 million ($158.3M IBSRELA, $160.9M XPHOZAH), and management’s annual incentive program scored 92% on corporate goals, framing the performance backdrop for Foster’s discretionary bonus plan tied to individual and company outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amgen | Senior Vice President and U.S. General Manager (post-Horizon acquisition) | 2023–2024 | Led U.S. commercial operations following Horizon acquisition |
| Horizon Therapeutics | SVP & GM, Gout and Ophthalmology Business Units | Oct 2022–Oct 2023 | General management across multiple franchises |
| Horizon Therapeutics | Group VP & GM, Gout Business Unit | May 2021–Oct 2022 | Scaled gout franchise execution |
| GlaxoSmithKline | Roles of increasing responsibility (e.g., VP Immunology Marketing, Senior Global Marketing Director, Field Sales VP) | 2010–2021 | Immunology and rare disease commercialization leadership |
| Johnson & Johnson | Sales and market access | Early career | Market access and sales foundations |
External Roles
No public company directorships or external board roles disclosed for Foster .
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $500,000 annually |
| Target Bonus % | 45% of base salary; discretionary, based on individual and company performance |
| 2024 Bonus Treatment | Not pro-rated for 2024; calculated as if employed throughout 2024 |
Performance Compensation
Ardelyx’s annual cash incentive program evaluates corporate goals across weighted categories; below are the 2024 metrics and outcomes that inform executive payouts company-wide.
| Metric Category | Weighting | Target | Actual | Payout Score | Vesting |
|---|---|---|---|---|---|
| Product Revenue | 55.0% | Aggregate budget: $258.7M; IBSRELA $174.5M; XPHOZAH $84.2M | Net product sales $319.2M (IBSRELA $158.3M; XPHOZAH $160.9M) | 104.5% | N/A |
| Regulatory & Government Affairs | 15.0% | Qualitative access objectives | Partial achievement (progress on patient access initiatives) | 50.0% | N/A |
| Pipeline | 7.5% | Corporate development hire; strategy evaluation | Partial achievement | 80.0% | N/A |
| Operational | 7.5% | Inventory mgmt, supply agreements, facility buildouts | Agreements executed; partial credit on inventory | 85.0% | N/A |
| Finance | 10.0% | Opex budget $326M | Opex $311M; strong year-end cash balance discretion | 101.5% | N/A |
| People & Compliance | 5.0% | Succession planning, talent, training completion | Most goals achieved; partial credit | 90.0% | N/A |
| Total Corporate Score | 100% | — | — | 92.0% (weighted) | N/A |
Notes:
- Foster’s plan is discretionary and reflects both corporate and individual performance; the offer letter stipulates participation and 2024 non-proration, but individual payout amounts are not disclosed .
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Initial Stock Option | 230,000 shares; exercise price at FMV on grant date; vests over 4 years, 25% after first year then monthly thereafter |
| Initial RSUs | 180,000 shares; vesting begins on first Company RSU vest date following first anniversary, then quarterly over next 3 years |
| Annual Equity Eligibility | Eligible for annual equity grants based on individual/company performance and plan status |
| Hedging/Pledging | Prohibited for all covered individuals, including executive officers; no short sales, options or derivative hedges; no margin or pledging |
| Beneficial Ownership Disclosure | Foster does not appear as a separate line item in the April 15, 2025 beneficial ownership table of named executive officers and directors |
Employment Terms
| Provision | Terms |
|---|---|
| Start Date | August 5, 2024 |
| Employment Status | At-will; compensation/role may be modified by the Company |
| Change-in-Control Severance Agreement | Required; offer letter specifies entry into a Severance Agreement further defining severance terms (specific Foster terms not disclosed in letter) |
| Nondisclosure & Assignment | Must sign standard employee nondisclosure and assignment agreement |
| Arbitration | All disputes resolved by confidential, binding AAA arbitration; jury trial waived |
Company framework for severance (context for executives; Foster’s specific agreement not disclosed in the offer letter):
- As of year-end 2024, other NEOs receive upon qualifying non-CoC termination: 9 months base salary, up to 12 months healthcare continuation; in CoC window: lump sum equal to base salary + target bonus, 12 months healthcare, and full equity acceleration .
- In 2025, amended agreements provide other NEOs with 12 months base salary, 12 months healthcare, and tenure-based equity acceleration (3 months per year of service, up to 12 months) for non-CoC terminations; and 1.5x base + target bonus, 18 months healthcare, and full equity acceleration in CoC window .
Investment Implications
- Pay-for-performance alignment: Foster’s compensation features meaningful at-risk pay via options and RSUs with multi-year vesting; corporate bonus funding is directly tied to weighted performance categories, supporting incentive alignment with revenue, operational efficiency, and cash management outcomes .
- Vesting-driven supply dynamics: The one-year cliffs for his initial option and RSU grants followed by monthly/quarterly vesting create predictable potential liquidity events, though Ardelyx’s insider policy prohibits hedging/pledging and requires trading-window compliance, mitigating misalignment risks .
- Retention and CoC economics: The mandatory change-in-control severance agreement and company-standard protections for executives reduce retention risk during strategic transactions; investors should monitor any future disclosures of Foster’s specific severance multiples and equity acceleration to gauge transaction incentives .
- Execution track record: Foster’s public remarks emphasize scaling IBSRELA toward $1B peak sales, field access manager pull-through, and patient engagement via social/digital—indicative of a commercially disciplined approach in large, growing IBS-C and nephrology markets .
- Governance safeguards: Ardelyx maintains clawback policies, prohibits option repricing without shareholder approval, and bans hedging/pledging, which are positive governance indicators for compensation risk management .
References:
- Executive bio and role:
- Offer letter and compensation terms:
- Corporate performance and bonus scoring:
- 2024 product sales:
- Insider trading policy (hedging/pledging ban):
- Severance frameworks (other NEOs, 2024 and 2025 updates):
- Foster strategic commentary (transcripts):
- Beneficial ownership table (named executives/directors):
- Governance features (clawback, no repricing):