Deborah Stewart
About Deborah Stewart
Deborah “Debbie” Stewart is Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) of Aveanna Healthcare Holdings Inc. (AVAH). She joined Aveanna in September 2021 after 14 years in assurance at Ernst & Young LLP and holds a B.S. in Accounting and a Masters of Accounting from North Carolina State University . In her capacity as Principal Accounting Officer, Stewart signs the company’s Sarbanes–Oxley Section 302 and 906 certifications on Form 10-Qs and 8-Ks, underscoring responsibility for disclosure controls and internal control over financial reporting . Company performance context during her tenure shows “pay versus performance” disclosures with total shareholder return values (fixed $100 basis) of 62.97 (2024), 36.22 (2023) and 10.54 (2022), with net losses in each period, which informs compensation alignment considerations across the executive team .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Aveanna Healthcare Holdings Inc. | Vice President and Chief Accounting Officer (later Senior VP & CAO) | Joined September 2021 – present | Leads accounting, reporting, and internal control certifications as Principal Accounting Officer; signatory of SOX 302/906 certifications . |
| Ernst & Young LLP | Assurance professional (most recently Senior Manager) | 2007–2021 | Led audit/assurance engagements; relevant to SEC reporting and internal controls rigor . |
External Roles
- None disclosed in company proxy biographies for Stewart .
Fixed Compensation
- Stewart’s specific base salary and target bonus are not disclosed in the 2024–2025 proxy NEO tables (which cover CEO, CFO, and CLO); Aveanna’s framework sets NEO base salaries and target bonus annually, with 2024 targets of CEO: $750,000 base and 100% bonus; CFO: $425,000 base and 75% bonus; CLO: $450,000 base and 75% bonus .
- Executives participate in a comprehensive benefits package; a nonqualified Deferred Compensation Plan is offered to select executives (including NEOs once eligible), with match parameters aligned to the 401(k) plan’s formula; DC Plan contributions and vesting mechanics are described in the proxy .
Performance Compensation
| Component | Metric(s) | Weighting | Target mechanics | 2024 NEO payout outcome |
|---|---|---|---|---|
| Annual Cash Incentive | Revenue | 30% | GAAP revenue; straight-line interpolation between threshold/target/maximum; payouts 50%–200% of target | NEOs earned 171% of target for 2024 (CEO, CFO, CLO figures shown); Stewart’s individual payout not disclosed . |
| Annual Cash Incentive | Adjusted EBITDA | 70% | Adjusted as defined in MD&A; straight-line interpolation | NEOs earned 171% of target for 2024 (CEO, CFO, CLO figures shown); Stewart’s individual payout not disclosed . |
| Long-Term Incentive (LTI) | Instrument | Performance metric(s) | Vesting schedule | Notes |
|---|---|---|---|---|
| FY2024 grants | 50% PSUs | Annual Adjusted EBITDA can be met in any one-year period over the three years post grant; earned amounts vest at end of year 3 | 3-year | Applies to senior management including NEOs; indicates focus on multi-year operational performance . |
| FY2024 grants | 50% RSUs | N/A | 3-year cliff | RSUs aim to retain executives and align with shareholders over time . |
| FY2023 grants | PSUs/RSUs (50/50) | PSUs based on annual Adjusted EBITDA; RSUs time-based | PSU earned amounts vest at year 3; RSUs 3-year cliff | Continuation of 2022 redesign . |
| FY2022 grants | PSUs/RSUs (50/50) | PSUs weighted 50% annual Adjusted EBITDA and 50% 3-year relative TSR vs S&P Healthcare Services Select Index; RSUs time-based | PSUs vest at end of performance periods; RSUs 3-year cliff | Earlier structure included TSR to align with market-relative performance . |
- Company-wide 2025 equity activity context: In February 2025 Aveanna granted 1,649,109 RSUs (grant-date fair value $4.26 per share) with 3-year service-based cliff vesting; unrecognized RSU compensation expense was $9.5 million as of September 27, 2025, indicating multi-year vesting overhang; PSUs continue under the 2021 Omnibus Plan .
- Director equity context: February 2025 Director RSUs of 173,914 units vest on the first anniversary, illustrating standard one-year director vesting vs. three-year employee RSUs .
Equity Ownership & Alignment
- Beneficial ownership for Stewart is not itemized in the 2025 proxy’s “Security Ownership” table (which lists 5% holders, directors, NEOs, and group aggregates); thus, her individual share count and % outstanding are not disclosed .
- Hedging and pledging of company stock are prohibited for executives and directors; trading on margin and borrowing against accounts holding company securities are also prohibited, which reduces misalignment and forced-selling risks .
- Stock ownership guidelines apply to non-employee directors and NEOs (CEO: 6x salary; other NEOs: 3x salary; directors: 4x retainer), with five-year compliance windows; PSUs and options do not count toward compliance; the proxy does not specify guidelines for non-NEO executives like Stewart .
- Equity plan overhang context (as of 12/28/2024): 28,441,857 securities to be issued upon exercise/settlement; weighted-average option exercise price $2.93; 16,057,381 securities available for future issuance (2021 Plan and ESPP), indicating meaningful potential dilution but spread across multi-year vesting .
- Stewart is listed among “Executives” in an annex of a 2025 8-K, confirming her executive status for policy applicability (e.g., insider trading restrictions, blackout periods) .
Employment Terms
- The company discloses Employment Agreements and severance/CIC mechanics for its NEOs: confidentiality, non-disparagement, non-compete and non-solicit apply during employment and typically one year post-termination (extendable to two years at company election); if extended to 24 months post-termination, severance equals 2x base salary and 2x prior-year annual bonus .
- Equity treatment: under the legacy 2017 plan, vested options generally exercisable for 90 days post-termination (longer on death/disability), with forfeiture for “Cause”; 2021 Plan has no automatic acceleration upon termination, death, disability, or change in control, though agreements provide for acceleration in certain change-of-control circumstances .
- The proxy does not disclose Stewart’s individual Employment Agreement or personalized severance/CIC terms; analysis relies on company-level NEO templates and plan provisions .
- Compensation governance: independent consultant (Aon) supports the Compensation Committee; no hedging/pledging, no option repricing/cash buyouts, and no tax gross-ups upon change in control; say-on-pay in 2024 was “overwhelmingly” approved and no material modifications were made thereafter .
Performance & Track Record
- Internal controls and reporting: Stewart signs SOX Section 302 and 906 certifications as Principal Accounting Officer on recent filings, indicating responsibility for disclosure controls and fair presentation of results .
- Legal proceedings: The proxy states directors and executive officers are not parties to material legal proceedings, reducing headline risk from litigation for the accounting function .
- Company “pay versus performance” context shows TSR improvement from 2022 to 2024, though all three years show net losses; this frames incentive plan calibration and retention programs instituted in 2023 (senior management retention PSUs) to address equity value deterioration and retention risk .
Compensation Committee, Peer Group, and Metrics
- Compensation consultant: Aon retained; peer group includes 14 healthcare services/facilities companies such as Addus, AMN, Option Care, Surgery Partners, RadNet, The Pennant Group, and others; Committee applies judgment rather than strict percentile benchmarking .
- Annual incentive metrics emphasize revenue (30%) and adjusted EBITDA (70%) with 50%–200% payout range; NEOs earned 171% of target for 2024; this structure prioritizes top-line and profitability, with Committee discretion to adjust based on comprehensive performance review .
Investment Implications
- Alignment and control confidence: Stewart’s role as Principal Accounting Officer and signatory on SOX certifications signals strong involvement in financial reporting and internal controls; company prohibitions on hedging/pledging, robust blackout policies, and ownership guidelines for top executives support alignment and reduce forced-selling risk .
- Retention dynamics: Three-year cliff RSUs and three-year PSU vesting windows (with annual EBITDA hurdles) create multi-year retention hooks; the 2023 senior management retention PSU plan acknowledges prior share-price pressure and seeks to stabilize leadership; Stewart-specific grant details are not disclosed, but as an executive officer, she likely participates in similar cadence, implying limited near-term selling pressure from unvested equity .
- Dilution/overhang and supply: Material outstanding awards and remaining plan capacity indicate potential dilution over time; 2025 RSU grants and unrecognized compensation expense highlight scheduled future vesting, which investors should monitor around three-year cliffs (2026–2028 cycles) .
- Pay-for-performance and shareholder support: With 2024 say-on-pay “overwhelmingly” approved and incentive plans anchored to revenue and adjusted EBITDA, the framework appears shareholder-aligned; however, lack of Stewart-specific compensation and ownership detail limits precision in evaluating her individual pay-for-performance and skin-in-the-game .
- Risk flags: No individual legal proceedings disclosed and company policies prohibit tax gross-ups and option repricing; change-in-control terms generally avoid automatic acceleration under the 2021 Plan, reducing windfall optics, though certain agreements still allow acceleration on specified CIC events .
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