Yehia Hashad, M.D.
Executive Vice President of Research & Development and Chief Medical Officer at Bausch & Lomb
Executive
About Yehia Hashad, M.D.
Executive Vice President of Research & Development and Chief Medical Officer at Bausch + Lomb since January 31, 2022; age 58 in 2025. He holds a medical degree and MSc in Medical and Surgical Ophthalmology from Cairo University and a business degree from INSEAD; prior R&D leadership at Allergan/AbbVie and Novartis focused on ophthalmology and retina programs . Company performance during his tenure included GAAP revenues of $4,791M and Adjusted EBITDA (non-GAAP) of $878M in 2024, and GAAP revenues of $3,768M and Adjusted EBITDA of $720M in 2022; 2024 AIP funding was 107% and say‑on‑pay approval ~95% . BLCO’s executive incentives emphasize Adjusted EBITDA, revenue growth, and rTSR PSUs, aligning R&D execution with shareholder outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bausch + Lomb | EVP, Research & Development and Chief Medical Officer | Jan 31, 2022 – present | Leads global R&D pipeline, submissions and approvals in core eye care markets . |
| Allergan Aesthetics (AbbVie) | SVP and Head of R&D | May 2020 – Aug 2021 | Led aesthetics R&D portfolio post-transaction, integrating clinical programs . |
| Allergan plc | SVP, Head of Global Clinical Development | Apr 2019 – May 2020 | Directed clinical development across multiple therapeutic areas . |
| Allergan plc | VP & Global Head, Clinical Development (Ophthalmology, Dermatology, Medical Aesthetics) | May 2017 – May 2020 | Drove ophthalmology/dermatology development; expanded medical aesthetics . |
| Allergan plc | VP & Global Head, Ophthalmology and Retina | Sep 2013 – Apr 2019 | Led global retina and ophthalmology programs . |
| Novartis Pharma AG | Global Program Medical Director (AMD treatments) | 2005 – 2010 | Managed AMD program strategy and execution . |
| T3A Pharma Group | Various positions | 1996 – 2005 | Early career pharma roles building medical leadership base . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Unity Biotechnology, Inc. | Director; Science Committee member | Mar 2025 – present | Board appointment in biotechnology targeting senescent cells . |
| Applied Genetic Technologies Corporation | Director (prior) | Not disclosed | Public clinical-stage biotech board service (prior) . |
| Glaucoma Research Foundation | Director (prior) | Not disclosed | Non-profit eye health leadership (prior) . |
| National Alliance for Eye and Vision Research | Director (prior) | Not disclosed | Advocacy org governance (prior) . |
| UC Irvine Research Center | Board adviser (prior) | Not disclosed | Academic advisory role (prior) . |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $602,500 | $660,000 | $696,846 |
| Target Bonus (%) | 80% of base (prorated for 2022 hire) | 80% of base | 80% of base |
| Target Bonus ($) | $477,260 (prorated) | $530,400 | $560,000 |
| All Other Compensation ($) | $117,386 | $13,613 | $20,525 |
Performance Compensation
Annual Incentive Program (AIP) Outcomes and Design
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Financial Metrics and Weighting | Adjusted EBITDA 60%, Revenues 40% | Adjusted EBITDA 60%, Revenues 40% | Adjusted EBITDA (excl. IPR&D) 60%, Revenues 40% |
| Company Funding vs Target | Not disclosed | 104% | 107% |
| Individual Strategic Priorities (Examples) | Not disclosed | Culture/operations/pipeline/ESG/transformation priorities (company-wide) | Pipeline innovation, provider engagement, AI in R&D |
| Individual Multiplier | Not disclosed | Not disclosed | 105% for Hashad |
| Final Bonus Paid ($) | $319,764 | $551,616 | $629,160 |
| Bonus Payout as % of Target | Not disclosed | Not disclosed | 112% |
Key 2024 Individual Strategic Priorities (Hashad)
- Delivered five major global submissions, four major approvals, and four new product development efforts; engaged providers via education and digital channels; introduced AI technologies to improve development efficiency; individual multiplier 105% .
Equity Awards — Grants and Vesting Design
| Grant Year | Award Type | Grant Date | Shares/Units (#) | Grant Date Fair Value ($) | Vesting Terms |
|---|---|---|---|---|---|
| 2022 (IPO Founder) | RSU | 5/5/2022 | 34,722 | $624,996 | Hashad’s founder RSUs vest 100% on 2nd anniversary or upon full separation from BHC or change in control, subject to employment . |
| 2022 (IPO Founder) | Stock Options | 5/5/2022 | 137,362 | $624,997 | Options vest ratably over 3 years or upon full separation from BHC or change in control; 10-year term; strike $18.00 . |
| 2022 (Retention) | RSU | 7/25/2022 | 35,000 | $563,150 | Vests in three equal installments on first three anniversaries; accelerated upon death, disability, involuntary termination, or resignation for good reason . |
| 2023 Annual | RSU | 3/1/2023 | 17,715 | $318,161 | Time-based RSUs vest ratably over three years . |
| 2023 Annual | Stock Options | 3/1/2023 | 56,715 | $312,500 | Vest ratably over three years; strike $17.96; 10-year term . |
| 2023 Annual | PSUs (TSR) | 3/1/2023 | Target 17,715 (range 8,858–35,430) | $483,443 | rTSR vs S&P 500 Health Care Index per LTI design . |
| 2023 Annual | PSUs (Revenue Growth) | 3/1/2023 | Target 17,715 (range 8,858–35,430) | $318,161 | Cliff vest after 3 years based on revenue growth . |
| 2024 Annual | RSU | 2/28/2024 | 13,982 (outstanding) | $252,515 market value at year-end | Time-based RSUs vest ratably over three years; certain Q1 2025 tranches were accelerated on 12/23/2024 . |
| 2024 Annual | Stock Options | 2/28/2024 | 63,516 (unexercisable) | N/A | Vest ratably over three years; strike $16.85; 10-year term . |
| 2024 Annual | PSUs (Revenue Growth) | 2/28/2024 | 27,964 (reported outstanding at 133%) | $505,030 market/payout value | Measured each year; cliff vest 3 years; final determination after FY2026 . |
| 2024 Annual | PSUs (rTSR + Outperformance PSUs) | 2/28/2024 | 41,946 and 50,336 | $757,545 and $909,068 market/payout values | rTSR PSUs and “Outperformance” PSUs with higher caps; vesting per plan . |
Equity award amendments (July 31, 2024): If BHC’s spin distribution does not occur by May 5, 2026, the IPO Founder Grants’ distribution-condition ceases and awards vest based only on time; certain rTSR PSUs deemed target or modifier removed depending on timing vs TSR measurement cutoff .
Outstanding Equity Awards at FY2024 Year‑End (Hashad)
| Security | Date of Grant | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | RSUs MV ($) | PSUs Outstanding (#) | PSUs MV ($) |
|---|---|---|---|---|---|---|---|---|---|
| BLCO | 5/5/2022 | — | 137,362 | 18.00 | 5/5/2032 | 34,722 | $627,079 | — | — |
| BLCO | 7/25/2022 | — | — | — | — | 11,667 | $210,706 | — | — |
| BLCO | 3/1/2023 | 18,905 | 37,810 | 17.96 | 3/1/2033 | 5,905 | $106,644 | 29,525 | $533,222 |
| BLCO | 3/1/2023 | — | — | — | — | — | — | 35,430 | $639,866 |
| BLCO | 2/28/2024 | — | 63,516 | 16.85 | 2/28/2034 | 13,982 | $252,515 | 27,964 | $505,030 |
| BLCO | 2/28/2024 | — | — | — | — | — | — | 41,946 | $757,545 |
| BLCO | 2/28/2024 | — | — | — | — | — | — | 50,336 | $909,068 |
Equity Ownership & Alignment
- Beneficial ownership: 112,286 BLCO shares as of March 24, 2025, consisting of 53,304 common shares and 58,982 shares underlying options exercisable within 60 days; less than 1% of shares outstanding; no shares pledged .
- Ownership guidelines: NEOs must hold 3x base salary in BLCO shares; must retain 50% of net shares from vesting until compliant; Hashad has until May 2027 to meet guidelines and is “on track” per committee .
- Anti-hedging/anti-pledging: Hedging, short selling, and pledging prohibited; none of NEOs/directors hold margin accounts subject to pledging .
Employment Terms
- Employment agreement: Initial 3-year term starting August 1, 2022, auto-renews for successive one-year periods; target annual incentive 80% of base; ongoing equity at committee discretion; standard non-compete and non‑solicit for one year post-termination .
- Severance structure: Company practice is double-trigger acceleration upon change in control; for NEOs, severance generally equals one times salary+target bonus (two times if termination following change in control); enhanced 2x severance protections for Eldessouky and Hashad expired March 6, 2024 .
- Potential payments (Dec 31, 2024 assumptions): Termination without cause/good reason cash $1,820,000; change-in-control cash $3,080,000; RSUs values $1,614,085 (no‑cause) and $4,164,988 (CIC); options values $0 (no‑cause) and $88,877 (CIC); other benefits $25,769; total estimated incremental value $3,459,854 (no‑cause) and $7,359,634 (CIC) .
- Clawback: Recoupment policy adopted per Rule 10D‑1 to recover incentive comp for restatements; additional misconduct/detrimental conduct clawback covering cash and equity awards; applies for up to three years and post-employment; no indemnification allowed .
Investment Implications
- Pay-for-performance alignment: AIP and LTI structures concentrate on Adjusted EBITDA, Revenues, and rTSR; 2024 AIP funded at 107% with a 105% individual multiplier reflecting tangible pipeline execution led by Hashad, supporting incentive-payout integrity .
- Vesting and potential selling pressure: Large tranches of RSUs/PSUs remain unvested; December 23, 2024 acceleration of time‑based RSUs pulled forward Q1 2025 vesting, modestly increasing near‑term supply; founder equity conditions amended—if the spin distribution does not occur by May 5, 2026, vesting becomes purely time‑based, potentially creating a 2026 vesting event across founder grants .
- Alignment and risk controls: Strict anti‑hedging/anti‑pledging, ownership guidelines, double‑trigger change‑of‑control and robust clawbacks mitigate misalignment and governance risk; Hashad’s ownership is unpledged and guidelines compliance is on track, reducing collateral-driven selling risks .
- Severance/change‑of‑control economics: CIC terms deliver full equity vesting and 2x cash for NEOs (per program design), which can be dilutive if triggered; current potential payout estimates quantify exposure; enhanced severance for Hashad expired in 2024, normalizing retention risk profile .
- Execution track record: Documented R&D outputs in 2024 (submissions/approvals, AI integration) and governance support (~95% say‑on‑pay) are positive indicators; continued dependence on revenue growth PSUs and rTSR mechanics ties future payouts to market and operating performance .