Peter Shagory
CONMEDAbout Peter Shagory
Peter K. Shagory is Executive Vice President, Strategy and Corporate Development at CONMED, age 56, and has served since May 2015; he holds an MBA from Dartmouth’s Tuck School of Business and a BS in Finance from Miami University . In 2024, CONMED expanded adjusted operating margin to 15.5% (+150 bps) and grew adjusted diluted EPS 20.9% to $4.17, the core context for incentive outcomes under which his bonus metrics were set (Net Sales FX-adjusted, Adjusted Diluted EPS, Operating Cash Flow) and his PSUs are tied to relative TSR versus the S&P Healthcare Equipment Select Index . Say‑on‑pay support was 96.2% in 2024, indicating broad shareholder endorsement of the pay framework .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cardinal Health – Medical Products Group | Led strategy and business development | 2013–2015 | Drove entry into interventional cardiovascular and advanced wound care categories . |
| Baird Venture Partners | Led healthcare & life sciences investing | 2004–2013 | Focused on medical technology and research tools/diagnostics; >25 years total experience in healthcare venture/M&A . |
External Roles
- No external public company board roles noted in the executive officer biography in the 2025 Proxy .
Fixed Compensation
| Component | 2024 |
|---|---|
| Base Salary | $370,524 |
| Target Bonus (% of base salary) | 65% |
| FY2024 Earned Bonus ($) | $198,236 |
| FY2024 Earned Bonus (% of base salary) | 53.5% |
Performance Compensation
2024 Annual Bonus Design and Outcome
| Metric | Target weighting (% of base) | Company actual vs target (payout factor) | Shagory overall bonus outcome |
|---|---|---|---|
| Net Sales (FX-adjusted) | 26.0% | 81.8% of target | 82.3% of target bonus; 53.5% of base salary; $198,236 payout |
| Adjusted Diluted Net EPS | 32.5% | 80.5% of target | See overall line above |
| Operating Cash Flow | 6.5% | 93.4% of target | See overall line above |
Notes:
- Bonus goals set/approved in Feb 2024; payout scale 20% threshold / 100% target / 200% max; targets represented growth vs 2023; results: Net Sales (FX-adjusted) $1,314.6M, Adjusted EPS $4.17, Operating Cash Flow $167.0M .
2024 Long-Term Incentives (granted March 1, 2024)
| Vehicle | Grant date | Count/Target | Exercise price | Vesting | Grant-date fair value |
|---|---|---|---|---|---|
| Stock Options | 3/1/2024 | 18,988 | $79.95 | 20% per year over 5 years | $637,427 |
| Performance Stock Units (PSUs) | 3/1/2024 | 1,789 target | — | 3-year cliff; payout 0–200% based on relative TSR vs S&P Healthcare Equipment Select Index (25th=50%, 50th=100%, 75th=200%) | $212,551 |
- Equity mix for non-CEO executives emphasizes options (75%) with 25% PSUs; options reward stock appreciation; PSUs align to relative TSR performance .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Shares owned directly/indirectly | 3,897 |
| Shares vesting/exercisable within 60 days | 94,585 |
| Total beneficial ownership | 98,482; less than 1% of outstanding |
| Stock ownership guidelines | Other executive officers: 1x base salary; compliance required within 5 years; must retain 50% net shares until compliant; all NEOs were in compliance as of 12/31/2024 |
| Hedging/pledging | Prohibited for executive officers; margin purchases/loans also prohibited |
| Option exercises in 2024 | None by Shagory |
| In-the-money status at 12/31/2024 | Company disclosure states all stock options were underwater as of 12/31/2024 (closing price $68.44) |
| Outstanding unearned PSUs at 12/31/2024 | 1,374 (from 2023 grant) and 1,789 (from 2024 grant) |
| Deferred compensation balance (BRP) | $41,170 aggregate balance; $5,994 aggregate earnings in 2024 |
Employment Terms
| Topic | Terms / Values |
|---|---|
| Employment start | Joined CONMED May 2015; EVP, Strategy & Corporate Development |
| Employment agreements | Company generally uses at‑will employment; restrictive covenants typically apply; targeted employment agreements mainly for certain roles/regions (no individual Shagory contract disclosed) |
| Change-in-control treatment | Double‑trigger vesting for equity upon qualifying termination within 2 years post‑CIC |
| Executive Severance Plan multiples (CIC) | CEO 3x; CFO 2.5x; other NEOs (incl. Shagory) 2x salary + 3‑yr avg bonus (lump sum) |
| Shagory CIC illustrative payout (12/31/2024) | Severance $1,163,873; accelerated stock awards $185,130; total $1,349,003 (at $68.44 share price) |
| Clawback policy | Adopted Dec 1, 2023; mandatory recoupment of erroneously awarded incentive‑based compensation for 3 fiscal years preceding a required restatement (SEC/NYSE‑compliant) |
| Perquisites / tax gross‑ups | Company avoids executive perquisites other than common for international employees; prohibits hedging/pledging; no excise tax gross‑ups; no dividends on unvested equity |
| Corporate aircraft | Business use only; no personal use; if guests permitted, executives bear imputed income taxes; no tax gross‑ups except US/UK taxes on imputed income for specified cases |
Compensation Structure Notes (Benchmarking and Governance)
- Peer group used for 2024 pay benchmarking included Enovis, Teleflex, Globus, Haemonetics, Masimo, ICU Medical, Merit Medical, LivaNova, Penumbra, Integra, Natus, Varex; target LTI “market rate” positioned around 50th percentile .
- Independent compensation consultant (Compensia) advises the Compensation Committee; equity program also reviewed by Infinite Equity .
- 2024 say‑on‑pay support: 96.2% .
Investment Implications
- Alignment and retention: Equity mix skews to options (75%) with PSUs tied to relative TSR, creating high leverage to multi‑year stock performance; 2024 PSUs vest on 3‑year relative TSR against the S&P Healthcare Equipment Select Index .
- Near‑term selling pressure: Company disclosed all options were underwater at 12/31/2024, reducing immediate exercise‑driven selling; Shagory had no 2024 option exercises .
- Pay‑for‑performance: 2024 bonus paid at 82.3% of target (53.5% of base), tracking sub‑target results on Net Sales and EPS with stronger OCF, indicating formulaic alignment with financial delivery .
- Skin‑in‑the‑game: Beneficial ownership totals 98,482 shares (<1%); 94,585 shares vesting/exercisable within 60 days support ongoing exposure; executives must meet ownership guidelines (1x salary) and retain 50% of net shares until compliant; hedging/pledging prohibited .
- Change‑in‑control economics: Double‑trigger design and a 2x CIC severance multiple (salary + 3‑year avg bonus) for Shagory ($1.35M illustrative total at 12/31/2024) balance retention with shareholder protections (no gross‑ups; clawback in place) .
- Strategic execution: Career spans healthcare venture investing and M&A plus Cardinal Health business development, supportive of CONMED’s portfolio actions; 2024 company results improved adjusted margin and EPS, contextualizing incentive alignment .