Aimee Lenar
About Aimee Lenar
Executive Vice President, US Pharma at Bausch Health (BHC); appointed July 15, 2024, with responsibility for Salix (GI), Neurology, Generics, Market Access, and Commercial Operations; previously Head of US Prescription Medicine at Galderma, VP & GM CNS at Allergan, and VP Gastroenterology at AbbVie; holds an MPH from Emory University . Company performance underpinning 2024 incentive outcomes: Net Revenue +4.9% and Adjusted EBITDA +8.3%; Salix net revenue +4% and EBITA +3%, with Xifaxan double-digit annual growth (+10%) and +16% in Q4 . BHC’s long-term incentive PSUs use Adjusted Operating Cash Flow with a Relative TSR modifier beginning with the 2024 grants (Lenar begins annual LTI participation in 2025) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Galderma | Head of US Prescription Medicine | — | Led sales, marketing, market access, and analytics; oversaw established Rx portfolio and new immunology asset |
| Allergan | VP & General Manager, CNS | — | Senior P&L leadership in CNS; commercial execution responsibilities |
| AbbVie | VP, Gastroenterology | 5+ years | GI franchise leadership; track record in sales and marketing execution |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Target Bonus ($) | Actual Bonus Paid ($) |
|---|---|---|---|---|
| 2024 | 650,000 | 60% | 180,575 (prorated for mid-year hire) | 227,530 |
| 2025 | 650,000 (unchanged) | 75% (approved Feb 2025) | — | — |
Performance Compensation
Annual Incentive Program (AIP) Design and Outcomes
| Metric Category | Specific Metrics | Weighting | Target | Actual/Assessment | Payout Impact | Vesting/Payment |
|---|---|---|---|---|---|---|
| Financial | Adjusted EBITDA and Revenue | 75% | Not disclosed | Company: Net Revenue +4.9%, Adj. EBITDA +8.3% | Contributed to 2024 payout | Cash, annual |
| Strategic Priorities | Five initiatives (accountability culture; revenue/EBITDA/cash; operational excellence; R&D/BD; strategic alternatives) | 25% | Per committee | Committee-assessed payouts (each listed at 20% weighting with 100–140% payouts; total 120% within strategic bucket) | Contributed to 2024 payout | Cash, annual |
| Individual Outcome | AIP payout | — | Target: $180,575 | Actual: $227,530 | 126% of target | Cash |
Equity Incentives
| Award Type | Grant Date | Units/Target | Grant Date Fair Value ($) | Performance Metrics | Vesting |
|---|---|---|---|---|---|
| New Hire RSU | 7/15/2024 | 144,352 | 1,056,657 | Time-based | 3 equal annual installments on 1st, 2nd, 3rd anniversaries |
| Annual LTI (from 2025) | 2025 | $1,500,000 target value | — | 50% PSUs (Adj. Operating Cash Flow + rTSR modifier), 50% RSUs | Per plan terms |
| Stock Options | — | — | — | — | No option award disclosed for 2024 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 0 shares as of March 14, 2025; <1% of class (369,512,514 shares outstanding) |
| Pledging | None of directors/executives’ shares are pledged; no pledging disclosed for Lenar |
| Ownership Guidelines | Required to hold 3x base salary; NEOs have 5 years to comply; must retain 50% of net shares until met; Lenar has 5 years from appointment |
| Vested vs Unvested | Not itemized; new-hire RSUs vest over 3 years |
Employment Terms
| Term | Provision |
|---|---|
| Start Date | July 15, 2024 |
| Agreement | Amended & Restated Employment Agreement; effective June 17, 2024 |
| Term Length | Initial 3-year term from Commencement Date; auto-renews for 1-year periods unless 90-days’ advance non-renewal notice |
| Base/Bonus | Base salary $650,000; 2024 target bonus 60% (max 200%); 2025 target bonus increased to 75% |
| Equity | New-hire RSU $1,000,000; 2025 annual equity grant target $1,500,000 |
| Sign-on Cash | $400,000 |
| Non-Compete/Non-Solicit | During employment and 1 year post-termination |
| Severance (pre-12/31/2025) | 1.5x base + target bonus; prorated annual incentive (lesser of actual vs target); 18 months health benefits |
| Severance (post-12/31/2025) | 1.0x base + target bonus; prorated annual incentive; 12 months health benefits |
| Change-in-Control (CIC) | If terminated without cause/for good reason in contemplation of or within 12 months after CIC: 2.0x base + target bonus; prorated target incentive; 18 months benefits |
| Death/Disability | Prorated bonus at target for year of termination |
Performance & Track Record
- Role scope spans Salix GI, Neurology, Generics, Market Access and Commercial Operations, bringing >20 years’ pharma experience and execution focus from Galderma, Allergan, and AbbVie .
- 2024 operating performance supported incentive payout: Net Revenue +4.9%, Adjusted EBITDA +8.3%; Salix net revenue +4% and EBITA +3%; Xifaxan growth +10% annually and +16% in Q4 .
- Strategic BD engagement: public statements on pipeline expansion via DURECT transaction (larsucosterol for severe alcoholic hepatitis), aligning US Pharma with hepatology focus and leveraging Xifaxan expertise .
Investment Implications
- Pay-for-performance alignment is improving: 2024 cash AIP tied 75% to Adjusted EBITDA/Revenue and 25% to strategic priorities, yielding a 126% payout in a year of positive growth; equity shifts to a 50% PSU mix from 2025 introduce performance leverage tied to cash flow and rTSR, increasing alignment with shareholder outcomes .
- Retention risk is mitigated near term by a competitive package (sign-on $400k, $1.0M RSU, 2025 $1.5M LTI target) and robust severance economics (1.5x cash pre-2025 year-end; 2x on CIC), while ownership guidelines (3x salary, 5-year horizon, 50% net share retention) and zero pledged shares limit selling pressure and enhance alignment .
- Execution focus in US Pharma and hepatology BD (larsucosterol addition) suggests continued emphasis on GI leadership and cash-flow-linked performance metrics; monitor 2025 LTI grants for PSU targets and any changes in AIP metric calibration to assess incentive difficulty and potential payout trajectory .