Henry Levy
About Henry Levy
Henry Levy, age 53, serves as President, Life Sciences & Healthcare at Clarivate and joined the company in May 2023 after 30+ years in life sciences technology and services; he holds a B.S. in bioengineering from the University of Pennsylvania . Company performance in 2024: revenue $2,557M vs $2,629M in 2023, Adjusted EBITDA $1,060M vs $1,117M, with Adjusted EBITDA margin 41.5% vs 42.5%; Adjusted diluted EPS was $0.73 vs $0.82, free cash flow $357.5M vs $501.7M, and market cap declined to ~$3.5B from ~$6.2B; cumulative TSR tracked at 30.24 with peer group TSR at 152.33 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Veeva Systems Inc. | Chief Strategy Officer; GM Clinical Data Mgmt; President, Global R&D & Quality | 2016–May 2023 | Led product and strategy across clinical/R&D; elevated enterprise offerings in life sciences . |
| PPD, Inc. | Chief Commercial Officer | 2014–2016 | Defined new CRO partnership models to reduce cost and accelerate development . |
| Accenture plc | Global Lead, Life Sciences R&D | 2007–2014 | Drove consulting/technology/outsourcing across 90% of top-20 biopharma . |
External Roles
No public company board roles or external directorships disclosed for Levy in the proxy .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $600,000 | $600,000 |
| Target Bonus (% of salary) | 100% | 100% |
| Actual AIP Payout ($) | $438,000 (paid Mar 2024 for 2023) | $390,000 (paid Mar 2025 for 2024) |
Performance Compensation
Annual Incentive Plan (AIP) — 2024
| Metric | Weighting | Threshold | Target | Maximum | 2024 Actual | Payout Calibration |
|---|---|---|---|---|---|---|
| Pre-bonus Adjusted EBITDA | 90% | $1,074M (0% payout) | $1,172M (100%) | $1,271M (200%) | $1,118M | Achieved 62% of target |
| Voice of Customer (NPS) | 10% | <42 (90%) | 42 (100%) | >42 (110%) | 41 | Achieved 90% of target |
| Individual Modifier | — | — | — | — | — | No modifier applied to NEOs |
| Levy AIP Target and Final | — | — | $600,000 | — | — | Final payout $390,000 |
Long-Term Incentives (LTI) — Design and Levy’s 2024 Grants
| Instrument | Metric(s) | Weighting | Vesting | Levy 2024 Units | Grant Date Value ($) |
|---|---|---|---|---|---|
| PSUs (2024–2026) | Adjusted diluted EPS; Adjusted EBITDA; 3-yr TSR modifier vs S&P 500 | 50% EPS / 50% EBITDA; TSR ±20% | Cliff at 3 years | 141,643 | $1,117,563 |
| RSUs (annual) | Time-based | — | 1/3 per year over 3 years | 141,643 | $1,000,000 |
| RSUs (CEO transition retention) | Time-based | — | 1-year cliff | 161,290 | $999,998 |
Program notes: RSUs vest ratably over three years; PSUs vest based on 3-year performance plus TSR modifier; no option grants to NEOs . Company-level 2022 PSU cycle settled at 50.8% of target (TSR below 25th percentile), informing plan rigor; Levy’s outstanding PSUs pertain to 2023–2025 and 2024–2026 cycles .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 209,460 shares (118,757 directly; 90,703 RSUs vesting within 60 days of record) |
| Ownership as % of Outstanding | Less than 1% of 688,956,113 shares |
| Outstanding Unvested RSUs (as of 12/31/2024) | 211,641 (from 2023 grant; $1,075,136 at $5.08); 141,643 (2024 grant; $719,546); 161,290 (retention; $819,353) |
| Outstanding Unearned PSUs (target) | 113,378 (2023 PSU; $575,960 at $5.08); 141,643 (2024 PSU; $719,546) |
| Scheduled RSU Vesting | 85,007 on 03/01/2025; 90,703 on 05/01/2025; 161,290 on 08/13/2025; 85,007 on 03/01/2026; 45,352 on 05/01/2026; 47,215 on 03/01/2027 |
| Stock Ownership Guidelines | 3× base salary for executive officers; counts unvested RSUs; excludes unearned PSUs; all on track as of Jan 1, 2025 |
| Hedging / Pledging | Prohibited for directors and executive officers |
| Clawbacks | Dodd-Frank 10D-compliant recoupment for restatements; separate “detrimental conduct” clawback for misconduct/violations over prior 3 years |
Insider selling pressure: Upcoming vesting tranches in 2025–2027 could increase share availability; RSU settle may involve share withholding for taxes; options are not part of Levy’s package .
Employment Terms
| Provision | Term |
|---|---|
| Employment Start Date | May 2023 (President, Life Sciences & Healthcare) |
| Contract Form | U.S.-based executive employment agreement; at-will language applies to certain NEOs (Collins/Levy); eligible under Executive Severance Plan (ESP) |
| Non-Compete / Non-Solicit | 12 months post-termination; perpetual confidentiality/IP provisions |
| Severance (No Cause) | 18 months base salary + 1.5× AIP target; 18 months benefits (COBRA as applicable); RSUs pro-rata vest over 18 months; PSUs forfeited |
| Change-in-Control (Double Trigger within 12 months) | 24 months base salary + 2× AIP target; 24 months benefits; immediate vesting of RSUs and PSUs (PSU performance determined by Board) |
| Death/Disability | Immediate vesting of RSUs and PSUs at target; no severance |
| Perquisites | Executive physical reimbursement up to $5,000/year; no tax gross-ups |
Compensation Structure Analysis
- Mix skews to at-risk pay via AIP and PSUs/RSUs; no stock options granted to NEOs, reducing leverage risk while maintaining equity alignment .
- AIP tied to Adjusted EBITDA (90%) and Voice of Customer (10%); 2024 underperformance on EBITDA drove reduced payouts with no discretionary uplift for NEOs, reinforcing pay-for-performance .
- PSU rigor includes dual financial metrics and a 3-year relative TSR modifier versus S&P 500, with prior cycle payouts reduced by TSR underperformance, indicating robust downside mechanics .
Peer benchmarking: HRCC uses a 17-company peer set (e.g., DNB, EFX, FICO, Gartner, MSCI, Verisk, Thomson Reuters, TransUnion, FactSet, Moody’s, etc.) to calibrate pay levels and design .
Performance & Track Record (segment context)
- 2024 highlights include product launches across research and life sciences (e.g., Cortellis CMC post-approval module; OFF-X safety intelligence; Web of Science Grants Index) and acquisitions (Global QMS) that directly touch Levy’s segment .
- Company-level KPIs: renewal rates >90% for three years, supporting recurring revenue durability; recurring revenue ~80% of total in 2024 .
Investment Implications
- Alignment: Levy’s growing RSU/PSU stack with strict ownership guidelines, anti-hedging/pledging, and robust clawbacks supports shareholder alignment; absence of options tempers volatility incentives .
- Retention risk: Significant scheduled RSU vesting through 2027 and double-trigger protections under the ESP reduce near-term departure risk; PSUs forfeited absent performance on non-CIC separations, maintaining performance discipline .
- Pay-for-performance signals: 2024 AIP at 65% of target and prior PSU cycle payout cut by TSR modifier indicate HRCC restraint amid mixed financial performance; shareholder say-on-pay support was 99% in 2024, mitigating governance overhang .
- Trading signals: Watch Form 4 activity around scheduled 2025–2026 RSU vesting dates for potential tax-withholding sales; Levy’s stake is <1% so direct float impact is limited, but clustered executive vesting could affect near-term supply .
Sources: Clarivate Plc 2025 DEF 14A proxy statement (publication date March 28, 2025), cited inline above.