Marga Ortigas-Wedekind
About Marga Ortigas-Wedekind
Marga Ortigas-Wedekind, 63, is a non-employee director of HeartBeam (BEAT) with over 35 years in medtech senior management. She holds a BA from Wellesley College and an MBA from Stanford Graduate School of Business. She was nominated for election at BEAT’s 2025 annual meeting to serve until the 2026 annual meeting, and previously at the 2024 annual meeting to serve until the 2025 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| iRhythm Technologies, Inc. | EVP, Marketing & Payer Relations | Jul 2015 – Jul 2019 | Commercial strategy and payer relations leadership |
| Omnicell, Inc. | EVP, Global Marketing & Product Development | 2009 – 2015 | Led Marketing, International, Engineering |
| Xoft, Inc. | SVP, Marketing, Development & Clinical Affairs | 2002 – Dec 2008 | Product/clinical leadership in radiation therapy |
| Guidant Vascular (now Abbott Vascular) | Various roles | Not disclosed | Early medtech career foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Fogarty Innovation | Chief Commercial Strategy Officer | Dec 2019 – Present | Non-profit medtech incubator leadership |
| Itamar Medical (NASDAQ: ITMR) | Director | Until Dec 2021 | Company sold to Zoll Medical in Dec 2021 |
| Total Flow Medical | Director | Not disclosed | Early-stage open-heart safety technology (2024 proxy references “Total Flow Cannula”) |
| Bay Area Cancer Coalition | Director | Not disclosed | Non-profit governance |
| Launchpad Digital Health | LP & Advisory Board Member | Not disclosed | Venture fund in digital health |
| Health Tech Capital | Angel Investor | Not disclosed | Early-stage health tech investing |
Board Governance
- Committee memberships: Audit Committee member; the committee comprises George A. de Urioste (Chair), Marga Ortigas-Wedekind, and Richard Ferrari. The committee oversees auditor independence, internal controls, and major financial reporting risks; the company states compliance with Nasdaq and SEC requirements .
- Attendance: Each director attended at least 75% of aggregate Board and committee meetings in 2023 (4 Board meetings; 18 written consents) and 2024 (6 Board meetings; 18 written consents) .
- Annual meeting attendance policy: The company does not have a written policy requiring directors to attend the annual meeting .
- Independence: She is a non-employee director compensated via director cash fees and equity; Compensation Committee members are affirmatively determined independent per SEC/Nasdaq (independence expectation applies to Audit Committee composition) .
Fixed Compensation
| Component | Amount | Period | Terms |
|---|---|---|---|
| Fees Earned or Paid in Cash | $65,000 | FY 2024 | Director cash fees |
| Stock Awards (RSUs) | $75,000 | FY 2024 | Annual RSUs granted at the Annual Stockholder Meeting; convert dollars to shares at grant-date FMV; vest in full at next annual meeting |
| Total Director Compensation | $140,000 | FY 2024 | Sum of cash + stock; no options, non-equity incentive, or other comp disclosed |
| Standard Director Cash Compensation (Effective Jan 1, 2022) | Retainer ($) |
|---|---|
| Board Chair | 120,000 |
| Board Member | 40,000 |
| Audit Committee Chair | 25,000 |
| Audit Committee Member | 10,000 |
| Other Committee Chair | 15,000 |
| Other Committee Member | 10,000 |
- Mix and structure: Approx. 54% equity ($75k) and 46% cash ($65k) for FY2024, aligning director incentives to shareholder value via time-based RSUs .
Performance Compensation
| Award Type | Grant Timing | Vesting Condition | Grant Value | Performance Metrics |
|---|---|---|---|---|
| RSUs | At each Annual Stockholder Meeting | Vests in full at following annual meeting | $75,000 (FY 2024) | None disclosed; time-based vesting only |
- Historical note: Prior to 2022, non-employee directors received initial stock options vesting monthly over four years; current practice emphasizes RSUs over options .
Other Directorships & Interlocks
| Company | Public/Private | Role | Interlock/Conflict Notes |
|---|---|---|---|
| Itamar Medical (NASDAQ: ITMR) | Public (sold) | Director | No BEAT-related conflict disclosed; tenure ended with sale to Zoll in Dec 2021 |
| Total Flow Medical | Private | Director | No BEAT-related conflict disclosed |
| Bay Area Cancer Coalition | Non-profit | Director | No BEAT-related conflict disclosed |
| Launchpad Digital Health | Venture fund | LP & Advisory Board | Investing activity noted; BEAT reports no related-person transactions above thresholds in FY2025 YTD |
| Health Tech Capital | Angel network | Investor | Investing activity noted; no related-person transactions above threshold disclosed |
Expertise & Qualifications
- Deep medtech commercialization and product development background (EVP roles at iRhythm and Omnicell; SVP at Xoft), plus early career at Guidant/Abbott Vascular .
- Ongoing ecosystem leadership through Fogarty Innovation (Chief Commercial Strategy Officer since Dec 2019) .
- Governance experience across public and private boards; Audit Committee member at BEAT .
- Education: BA, Wellesley College; MBA, Stanford Graduate School of Business .
Equity Ownership
| Metric | As of Mar 31, 2024 | As of Mar 31, 2025 |
|---|---|---|
| Shares Beneficially Owned | 120,518 | 148,567 |
| Percentage of Shares Outstanding | <1% | <1% |
| Shares Outstanding Reference | 26,392,032 | 26,960,901 |
| Ownership Detail (Footnote disclosure) | As of Mar 31, 2024 |
|---|---|
| Purchased Nov 11, 2021 | 9,000 shares and 9,000 BEATW warrants |
| Convertible Notes (2015) | 7,824 shares from conversion |
| RSU Vesting | 55,147 shares acquired from RSU vesting |
| Options Exercisable within 60 Days | 39,547 options |
| Excluded from Beneficial Ownership (Unvested) | 4,088 stock options; 23,961 RSUs |
- No pledging/hedging or share-pledge disclosures identified for her; BEAT reports no related-person transactions above thresholds since the start of FY2025 .
Governance Assessment
- Board effectiveness: Active Audit Committee membership (with de Urioste as Chair) suggests involvement in financial oversight, auditor independence, and internal control discussions; Audit Committee report substantiates engagement in 2024 financials and PCAOB-required topics .
- Independence and engagement: Non-employee director compensated via standard fees and RSUs; attendance at least 75% in both 2023 and 2024, indicating baseline engagement .
- Alignment: RSU-based annual grants vest fully at the next annual meeting, supporting short-cycle alignment with shareholders; beneficial ownership increased year-over-year (120,518 to 148,567 shares) .
- Compensation structure signals: Shift from historical options to current RSUs reduces risk and emphasizes retention and alignment; cash/equity mix for FY2024 leans modestly toward equity (approx. 54%) .
- Conflicts and related-party exposure: Company’s related-person transaction policy relies on longstanding principles rather than formal written policies; no related-person transactions exceeding SEC/Nasdaq thresholds since FY2025 start. No specific conflicts disclosed regarding her external investing/board roles .
- Process and policy gaps (potential improvements vs. RED FLAGS):
- The company does not have a written policy requiring directors to attend the annual meeting, though attendance rates are acceptable .
- Equity grant timing policy is not formalized in writing; the Compensation Committee considers MNPI and states it does not time awards around disclosures, but absence of a written policy could be tightened for governance best practice .
Overall, Ortigas-Wedekind brings seasoned medtech commercialization expertise and serves on the Audit Committee. Director pay and RSU practices appear standard for a small-cap issuer, with no disclosed related-party conflicts in FY2025 YTD. Formalizing certain policies (annual meeting attendance; equity timing) could strengthen governance optics .