Richard Glaze
CONMEDAbout Richard Glaze
Richard Glaze is CONMED’s Chief Information Officer, age 59, appointed in November 2023. He holds an MBA from NYU Stern and a BS from Princeton University . Company performance context during his tenure includes 2024 adjusted operating margin of 15.5% (+150 bps YoY) and adjusted diluted EPS of $4.17, with executive incentives tied to revenue, adjusted EPS, and operating cash flow; company TSR value for 2024 was $63.84 vs $137.81 for the peer group .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Teva Pharmaceuticals | IT Vice President, North America | 2020–2023 | Led regional IT operations in global pharma |
| SUN Pharmaceuticals | IT Vice President, North America | 2016–2020 | Oversaw North America IT leadership |
| Ikaria (now Mallinckrodt) | IT Vice President | 2013–2016 | Enterprise IT leadership in specialty pharma |
| Hospira (now Pfizer) | Senior IT Director | 2010–2013 | Senior IT management in medical products |
| Johnson & Johnson | Various IT positions | 2002–2010 | Broad IT roles at a diversified healthcare company |
| Andersen Consulting (Accenture), PwC, IBM, KPMG/BearingPoint | Consulting roles | 1991–2002 | Enterprise technology consulting foundation |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed in company filings | — | — | No public company directorships or external board roles disclosed for Glaze in the 2025 proxy/executive officers section . |
Fixed Compensation
- Not disclosed. Richard Glaze is not a Named Executive Officer (NEO); the proxy provides detailed compensation for NEOs only .
Performance Compensation
Executive incentives are company-wide and emphasize pay-for-performance; specific CIO weighting is not disclosed. The 2024 Executive Bonus Plan used these metrics and corporate targets:
| Metric | Threshold | Target | Maximum | 2024 Actual | Associated Payout Percent |
|---|---|---|---|---|---|
| Net Sales (FX Adjusted, $USD Millions) | $1,227.8 | $1,364.3 | $1,637.1 | $1,314.6 | 81.8% |
| Adjusted Diluted Net EPS ($USD) | $3.91 | $4.34 | $5.21 | $4.17 | 80.5% |
| Operating Cash Flow ($USD Millions) | $152.3 | $169.2 | $203.0 | $167.0 | 93.4% |
Illustrative NEO weights (as % of base salary; CIO-specific weights not disclosed):
- CFO/COO examples: Net Sales 28%, Adjusted Diluted EPS 40%, Operating Cash Flow 12% (total 80% target; thresholds and caps scale to 16% and 160% respectively) .
Equity program design and vesting:
| Award Type | Vesting Schedule | Performance Metric | Payout Curve |
|---|---|---|---|
| Stock Options | 20% annually over 5 years | Stock price performance | Options only have value if share price rises |
| PSUs | 3-year cliff vest | Relative TSR vs S&P Healthcare Equipment Select Index | 0% below 25th percentile; 50% at 25th; 100% at 50th; 200% at 75th+ |
Equity Ownership & Alignment
| Item | Details |
|---|---|
| Ownership guideline | 1x base salary for executive officers (4x CEO; 3x CFO); must retain 50% of after-tax RSUs/exercised options until compliant . |
| Hedging/pledging | Prohibited for executive officers; no buying/selling derivatives; margin purchases/loans also prohibited . |
| Clawback | SEC/NYSE-compliant clawback policy adopted Dec 1, 2023 for incentive-based comp upon restatements; applies to current/former executive officers . |
| Insider transactions (recent) | 2024-11-20: Form 4 filed disclosing settlement of vested RSUs with delivery of shares of common stock (subject to tax withholding) . 2025-02-11: Form 4 filed for sale of 257 shares; Form 144 notice also filed the same day . |
Employment Terms
| Topic | Disclosure |
|---|---|
| Employment arrangement | Company practice is U.S. “at-will”; the company generally does not enter individual employment agreements except where customary (e.g., certain international executives); individual CIO contract terms not disclosed . |
| Executive Severance Plan | Company maintains an Executive Severance Plan; referenced across filings and applicable to certain executives (e.g., Beyer eligibility noted) . |
| Bonus guarantees | Annual bonuses are not guaranteed; threshold performance required . |
| Option repricing | Equity plan does not permit repricing underwater options without shareholder approval . |
| Insider trading policy | Executives prohibited from hedging/pledging; policy filed as Exhibit 19 to 2024 Form 10-K . |
| Corporate aircraft | Plane use limited to business purposes; executives responsible for imputed income taxes; no personal use . |
| Cybersecurity oversight | Board/Audit Committee oversee cybersecurity risk; relevant to CIO function . |
Investment Implications
- Alignment: Ownership guidelines (1x salary), retention requirements on equity, and prohibition on hedging/pledging reduce misalignment risk; clawback further tightens pay-performance linkage .
- Selling pressure: Recent activity shows RSU settlement (Nov 2024) and a small-scale sale of 257 shares with a Form 144 (Feb 2025), suggesting limited near-term selling pressure rather than systematic disposition .
- Incentive focus: Company-wide metrics emphasize adjusted EPS, revenue, and operating cash flow; equity mix with options and PSUs ties outcomes to TSR over three years, supporting long-term value creation discipline .
- Retention risk: At-will employment and lack of disclosed guaranteed pay for CIO indicate standard U.S. practices; presence of an executive severance framework mitigates abrupt departure risk though individual terms for Glaze are not disclosed .
- Execution context: 2024 margin expansion (adjusted operating margin 15.5%, +150 bps) and adjusted EPS of $4.17 show operational progress; TSR underperformance vs peer group in 2024 heightens importance of PSU relative TSR design in aligning pay with shareholder outcomes .