Stephan Epinette
CONMEDAbout Stephan Epinette
Stephan Epinette is Vice President and General Manager, International at CONMED (CNMD), age 53. He joined CONMED in October 2015 as VP & GM EMEA and was promoted to VP & GM, International in October 2020; he holds a Master’s in Health Economics (Sciences Po Paris), a Master’s in International Business (Paris University XII), a BA from EBMS Barcelona, and executive courses in Finance and Marketing at INSEAD . Company performance during 2024 included adjusted operating margin of 15.5% (+150 bps y/y) and adjusted diluted net EPS of $4.17 (+20.9% y/y), underpinning pay-for-performance structures for executives .
Past Roles
| Organization | Role | Years | Scope / Strategic impact |
|---|---|---|---|
| CONMED | VP & GM, International | Oct 2020 – present | Global leadership for international markets |
| CONMED | VP & GM, EMEA | Oct 2015 – Oct 2020 | Led Europe, Middle East, Africa commercial operations |
| Tornier | SVP, International Commercial Operations | 2008 – 2015 | Drove international commercial operations |
| Stryker | Leadership roles across MedSurg & Orthopaedic | 1993 – Dec 2008 | Contributed across France, U.S., Switzerland divisions |
External Roles
No public-company directorships or external board roles disclosed for Epinette. Education credentials noted above .
Performance Compensation
2024 Executive Bonus Plan design (applies to executive officers, with weights varying by role) focused on Net Sales (FX Adjusted), Adjusted Diluted Net EPS, and Operating Cash Flow. Company-wide outcomes are below.
| Metric | Threshold | Target | Maximum | Actual | Associated Payout Percent |
|---|---|---|---|---|---|
| Net Sales (FX Adjusted, $USD mm) | 1,227.8 | 1,364.3 | 1,637.1 | 1,314.6 | 81.8% |
| Adjusted Diluted Net EPS ($) | 3.91 | 4.34 | 5.21 | 4.17 | 80.5% |
| Operating Cash Flow ($USD mm) | 152.3 | 169.2 | 203.0 | 167.0 | 93.4% |
PSU design (three-year performance period, relative TSR vs S&P Healthcare Equipment Select Index):
| Performance Level | Relative TSR Percentile | Payout |
|---|---|---|
| Maximum | ≥ 75th | 200% |
| Target | 50th | 100% |
| Threshold | 25th | 50% |
| Below Threshold | < 25th | 0% |
Stock options vest ratably at 20% per year over 5 years .
Equity Ownership & Alignment
- Stock ownership guidelines require the CEO to hold 4x salary, CFO 3x, and other executive officers 1x salary; executives must retain 50% of net shares from RSUs/exercised options until guidelines are met .
- Hedging and pledging of Company stock are prohibited for executive officers; margin purchases/borrowing against Company stock are also prohibited .
- Epinette filed Form 3 (initial beneficial ownership) after becoming a Section 16 officer on February 24, 2025, and filed a Form 4 on May 15, 2025 reflecting settlement of vested RSUs (delivery of shares subject to tax withholding), indicative of scheduled vesting rather than discretionary selling .
- Individual beneficial ownership detail for Epinette is not itemized in the proxy’s Security Ownership table; directors and executive officers as a group (19 persons) owned 955,629 shares (3.1% of shares outstanding) as of March 24, 2025 .
Employment Terms
- Role and tenure: Joined CONMED in Oct 2015; VP & GM, International since Oct 2020 .
- Section 16 officer status: Became an officer on Feb 24, 2025 (Form 3 filing) .
- Executive employment framework: Company generally employs on an at‑will basis in the U.S.; employment agreements are exceptions, typically for international contexts (e.g., CEO’s UK service agreement). Executive equity awards have double-trigger vesting upon qualifying termination within two years of a change-in-control .
- Clawback policy: Company adopted Dodd-Frank/NYSE-compliant clawback policy on December 1, 2023 for recovery of erroneously-awarded incentive compensation following required accounting restatements .
Performance & Track Record
Company performance and pay-for-performance linkage (Pay vs Performance disclosure):
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR – $100 initial value | $101.14 | $128.81 | $81.19 | $101.04 | $63.84 |
| Peer Group TSR – $100 initial value | $117.63 | $140.40 | $113.92 | $124.22 | $137.81 |
| Net Income ($M) | $9.5 | $62.5 | ($80.6) | $64.5 | $132.4 |
| Adjusted Diluted Net EPS ($) | $2.18 | $3.21 | $2.65 | $3.45 | $4.17 |
Additional 2024 operating highlights: Adjusted operating margin improved to 15.5%; strategic focus cited on resolving orthopedics supply chain challenges and strengthening operations, including engagement of a top-tier consulting firm .
Compensation Peer Group (for benchmarking)
| Peer companies used in 2024 | |
|---|---|
| Enovis; Integra LifeSciences; Natus Medical; Globus Medical; LivaNova; Penumbra; Haemonetics; Masimo; Teleflex; ICU Medical; Merit Medical Systems; Varex Imaging |
Target long-term incentive levels were set around the 50th percentile market rate, with continued emphasis on equity-heavy pay mix and addition of PSUs since 2023 to strengthen relative TSR alignment .
Say‑on‑Pay & Shareholder Feedback
Say‑on‑pay support was 96.2% at the 2024 annual meeting, and the Compensation Committee maintained program structure accordingly .
Fixed Compensation
Epinette’s base salary and target bonus % were not disclosed in the proxy (only named executive officers are shown in the Summary Compensation Table) .
Equity Vesting Schedules and Insider Selling Pressure
- RSU/PSU vesting: PSUs cliff-vest after 3-year performance period; stock options vest 20% annually over 5 years .
- Insider activity: Form 4 filed May 15, 2025 recorded RSU settlement and share delivery subject to tax withholding, which is typical for scheduled vesting and does not necessarily signal discretionary selling pressure .
Governance, Ownership Guidelines, and Pledging
- Stock ownership guidelines apply to executive officers with retention requirements until compliance; hedging and pledging are prohibited for executives and directors .
Investment Implications
- Alignment: Equity mix with PSUs tied to relative TSR and five-year vesting options, plus strict ownership/retention and anti‑hedging/pledging policies, provides strong alignment to shareholder value for executives, including international leadership roles .
- Performance linkage: 2024 payouts were driven by company financials (Net Sales, Adjusted EPS, Operating Cash Flow), with achieved results near target for cash flow and below target for sales/EPS, supporting disciplined pay-for-performance .
- Trading signals: Epinette’s 2025 Form 4 shows RSU vesting with tax withholding rather than open-market sales, suggesting routine, programmatic equity settlement rather than discretionary selling; watch for future 10b5‑1 plan disclosures to gauge potential selling cadence .
- Retention: While individual severance terms for Epinette are not disclosed, the firm’s executive severance and double‑trigger equity acceleration framework broadly mitigate retention risk across the executive suite during transitions or potential corporate events .