Susan Rodriguez
About Susan Rodriguez
Susan Rodriguez, 61, was appointed Chief Operating Officer of Avadel Pharmaceuticals on May 13, 2025, bringing 30+ years of commercial and operating leadership across biopharma, including CEO and CCO roles, with B.S. and M.S. degrees in Psychology from the University of Pennsylvania . During FY24, Avadel’s Pay-Versus-Performance disclosure shows a total shareholder return index value of 145.17 and net product revenue of $169.1 million, providing company performance context ahead of her tenure as COO . Her remit at Avadel includes leading commercial strategy and operations (including supply chain) as the company scales LUMRYZ, with management highlighting her track record launching first-in-class therapies and building market-leading brands, including in rare diseases .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ardelyx, Inc. | Chief Commercial Officer | 2020–2024 | Led launches of first-in-class therapies in gastroenterology and nephrology; helped advance Ardelyx into a commercial company |
| Tolmar Pharmaceuticals, Inc. | Chief Executive Officer | 2014–2019 | Established new U.S. commercial entity; secured market-leading position for primary oncology therapy; advanced pipeline; launched new rare disease therapy |
| Abbott / TAP Pharmaceuticals (Abbott–Takeda JV) | Commercial leadership roles | Pre-2014 | Various commercial leadership positions of increasing responsibility across multiple divisions |
External Roles
| Organization | Role | Years |
|---|---|---|
| Heron Therapeutics, Inc. | Director | Since Sep 2021 |
| Veradigm, Inc. | Director | Since Feb 2023 |
Fixed Compensation
| Component | Terms |
|---|---|
| Base Salary | $510,000 annual base salary (effective upon appointment) |
| Target Bonus | 45% of base salary target annual performance bonus |
| Start Date | Appointed COO effective May 13, 2025 |
Performance Compensation
| Incentive Type | Metric Structure | Notes |
|---|---|---|
| Annual Cash Incentive | Based on achievement of corporate and individual objectives (clinical, regulatory, commercial, operational, strategic, and financial) per Company program design | Specific 2025 metric weightings/targets for Ms. Rodriguez were not disclosed in the 8-K or 2025 proxy |
| Long-Term Equity | Stock options to purchase 300,000 ordinary shares; vest in equal installments over four years beginning May 13, 2025 | Option exercise price not disclosed in 8-K; grant tied to new-hire appointment |
Equity Ownership & Alignment
- Prohibitions and policies
- Hedging and pledging of Company securities are prohibited for executive officers and directors .
- Dodd-Frank–compliant clawback policy adopted in October 2023 covering incentive-based pay for current and former executive officers, with a three-year lookback in the event of a required restatement .
- Director equity ownership guidelines (3x annual cash retainer) apply to non-employee directors; phase-in over five years; not specified for executives in the proxy section cited .
- Beneficial ownership (as of June 1, 2025)
- The proxy’s beneficial ownership table lists each director and named executive officer; Ms. Rodriguez (appointed May 2025) is not individually listed, reflecting that the table covers directors and NEOs for 2024 and >5% holders .
- New-hire equity
- Stock options: 300,000 shares vesting in equal installments over four years beginning May 13, 2025; subject to acceleration with qualifying termination in connection with a change of control (see Employment Terms) .
Employment Terms
| Term | Detail |
|---|---|
| Position | Chief Operating Officer (effective May 13, 2025) |
| Base/Bonus | $510,000 base; 45% target bonus |
| New-Hire Equity | 300,000 options; vest in equal installments over four years beginning May 13, 2025 |
| Severance (no CIC) | If terminated without Cause, nonrenewal, or resignation for Good Reason: 12 months’ base salary paid in installments plus up to 12 months’ health benefits continuation |
| Severance (with CIC) | If terminated without Cause, nonrenewal, or for Good Reason in connection with a Change of Control: same cash/benefits as above plus full acceleration of all equity awards; awards remain exercisable for 18 months from termination (double-trigger) |
| Indemnification | Will enter into the Company’s standard indemnification agreements for executive officers (previously filed exhibits) |
| Clawback | Company-wide compensation recovery policy adopted Oct 2023; applies to current/former executive officers |
| Hedging/Pledging | Prohibited for executive officers and directors |
| Tax Gross-Ups | No tax gross-ups for severance or change-of-control payments under executive arrangements |
Governance, Say-on-Pay, and Related Parties (Context)
- Say-on-pay: Approximately 90% approval at the 2024 annual meeting; next say-on-pay scheduled for 2026 under biennial cadence .
- Related-party transactions: None above $120,000 since January 1, 2024 involving directors, executive officers, >5% holders, or their immediate families, other than standard compensation arrangements .
- Executive roster and ages (as of June 1, 2025): Susan Rodriguez (61), COO; other executive ages disclosed for context .
Performance & Track Record Highlights
- Commercial and operating execution
- Ardelyx: Led first-in-class GI and nephrology launches; advanced the company into a commercial organization .
- Tolmar: Built U.S. commercial entity; secured market leadership for the primary oncology therapy; advanced pipeline; launched a rare disease therapy .
- Fit with Avadel’s strategy
- CEO emphasized Rodriguez’s experience scaling launches and accelerating brand growth—aligned with LUMRYZ scale-up and potential indication expansion to idiopathic hypersomnia .
Investment Implications
- Alignment and incentives: A meaningful stock option grant (300,000 shares) creates direct upside alignment; Company prohibits hedging/pledging and has an enforceable clawback—positive for pay-for-performance integrity .
- Retention and deal dynamics: Double-trigger equity acceleration and 12 months’ salary/benefits limit severance overhang while protecting the executive in M&A scenarios—balanced retention economics without tax gross-ups .
- Execution signal: Her prior success building commercial organizations and leading first-in-class launches is strategically consistent with Avadel’s LUMRYZ growth plan and label expansion efforts, an incremental positive for commercialization execution risk .
- Governance backdrop: Strong 2024 say-on-pay support (≈90%) suggests low immediate shareholder pushback on the compensation program into 2026, reducing governance risk noise around incentive plan maintenance .
Note: Specific 2025 bonus metrics/weightings and Susan Rodriguez’s individual ownership totals were not disclosed in the cited filings; future Form 4s and the 2026 proxy (covering 2025 compensation) should provide more granular visibility.