Johonna Pelletier
CONMEDAbout Johonna Pelletier
Johonna Pelletier is Treasurer and Vice President, Tax at CONMED Corporation; she joined CONMED in 2005 as Tax Director and was promoted to her current role in April 2015. She is 52, a Certified Public Accountant, and holds a B.S. in Accounting from Le Moyne College; prior to CONMED, she served as a Tax Senior Manager at PricewaterhouseCoopers . Company performance context relevant to executive incentives: in 2024 CONMED’s adjusted operating margin was 15.5% (+150 bps YoY) and adjusted diluted EPS rose 20.9% to $4.17, framing the pay-for-performance environment for senior leadership . Executives are subject to stock ownership guidelines (1x base salary for non-CEO/CFO officers) and strict prohibitions on hedging and pledging, with retention of 50% of net shares until guidelines are met .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CONMED Corporation | Tax Director | 2005–April 2015 | Not disclosed |
| PricewaterhouseCoopers | Tax Senior Manager | Not disclosed (pre-2005) | Not disclosed |
External Roles
No external public-company directorships or committee roles are disclosed in Pelletier’s biography within CONMED’s proxy materials .
Fixed Compensation
CONMED’s executive compensation architecture (applies to NEOs and informs broader executive design):
- Elements: Salary (fixed), Annual Bonus (short-term), Performance Stock Units (PSUs), and Stock Options (long-term) .
- Target bonus ranges for NEOs: 60%–110% of base salary; long-term incentive mix for NEOs emphasizes equity (CEO 50% PSUs / 50% options; other NEOs typically 25% PSUs / 75% options in 2024) .
- Option vesting: 20% per year over 5 years; PSU vesting: 3-year cliff based on relative TSR vs S&P Healthcare Equipment Select Index (0–200% payout) .
Performance Compensation
2024 Executive Bonus Plan (structure and metrics used for NEOs; Pelletier’s specific bonus metrics/weights are not separately disclosed):
- Company-level incentive metrics and payout calibration (threshold 20%, target 100%, max 200%) .
| Metric (FY 2024) | Target | Actual Result | Associated Payout Percent |
|---|---|---|---|
| Net Sales (FX Adjusted) ($USD Millions) | $1,364.3 | $1,314.6 | 81.8% |
| Adjusted Diluted Net EPS ($USD) | $4.34 | $4.17 | 80.5% |
| Operating Cash Flow ($USD Millions) | $169.2 | $167.0 | 93.4% |
Example weightings (CFO illustration; executives’ weights vary by role):
| Role | Metric | Threshold (% of base) | Target (% of base) | Max (% of base) |
|---|---|---|---|---|
| CFO | Net Sales (FX Adj.) | 5.60% | 28.00% | 56.00% |
| CFO | Adjusted Diluted Net EPS | 8.00% | 40.00% | 80.00% |
| CFO | Operating Cash Flow | 2.40% | 12.00% | 24.00% |
| CFO | Total | 16.00% | 80.00% | 160.00% |
Long-term performance alignment:
- PSUs: Earned on 3-year relative TSR vs S&P Healthcare Equipment Select Index; Threshold 25th percentile = 50%, Target 50th = 100%, Max 75th+ = 200% payout; 3-year cliff vesting .
- Options: 5-year ratable vesting; double-trigger change-in-control protection (accelerated vesting upon qualifying termination within 2 years after CoC) .
Equity Ownership & Alignment
- Stock ownership guidelines for executives: CEO 4x salary; CFO 3x; all other executive officers 1x salary; compliance required within 5 years; must retain 50% of net RSUs/exercised options until in compliance .
- Hedging/pledging: Prohibited for executive officers and directors, along with margin purchases or pledging as collateral; policy filed as Exhibit 19 to the 2024 10-K .
- Group ownership context: Directors and executive officers as a group (19 persons) owned 108,349 shares directly (approx. 0.35% of outstanding) and 847,226 that vest/exercise within 60 days (total 955,629; 3.1% including derivatives) as of March 24, 2025 .
- Pelletier-specific beneficial ownership, pledged shares, or compliance status are not itemized in the proxy’s Security Ownership tables (which enumerate directors and NEOs) .
Employment Terms
- Executive Severance Plan design:
- CEO: 2x salary + 2-year average bonus for non-CoC termination; 3x salary + 3-year average bonus for CoC qualifying termination .
- CFO and GC: 1.5x salary + 2-year average bonus (non-CoC); 2.5x salary + 3-year average bonus (CoC) .
- Other NEOs: 1x salary + 2-year average bonus (non-CoC); 2x salary + 3-year average bonus (CoC) .
- No excise tax gross-ups; equity requires double-trigger for CoC acceleration .
- Clawback policy: Mandatory recovery of erroneously awarded incentive-based compensation for current/former executive officers for 3 prior fiscal years in the event of required accounting restatement (SEC/NYSE-compliant) .
- General employment practice: At-will employment in the U.S.; company generally limits formal agreements to confidentiality/non-compete/non-solicit and region-specific practices .
Investment Implications
- Alignment and governance: Strong guardrails—ownership guidelines (1x salary for non-CEO/CFO executives), retention requirements, clawback, and prohibitions on hedging/pledging—support pay-for-performance and reduce misalignment risks .
- Performance linkage: Annual incentives tied to Net Sales (FX-adjusted), Adjusted EPS, and Operating Cash Flow, with transparent calibration and robust PSU TSR design, indicate high sensitivity of variable pay to operating and shareholder outcomes; 2024 results produced sub-target payouts, reinforcing discipline .
- Retention/change-in-control economics: Double-trigger equity vesting and defined severance multiples avoid single-trigger windfalls and lower governance risk; absence of excise tax gross-ups is shareholder-friendly .
- Disclosure gap: Pelletier is an executive officer but not a NEO; individual compensation, award grants, and holdings are not specifically disclosed, limiting precision on her direct risk signals (e.g., vesting overhang or insider selling pressure); policies nonetheless imply conservative posture and alignment requirements apply to her role .