Cheryl B. Pegus

About Cheryl B. Pegus

Cheryl B. Pegus, MD, MPH (age 61) is an independent director of Concentra Group Holdings Parent, Inc. and has served on the Board since July 2024. She is a cardiologist and healthcare operator with 30+ years of industry experience, including roles at Walmart, Cambia, Walgreens, Johnson & Johnson (SymCare), Aetna, and Pfizer; she holds a B.A. from Brandeis, an M.D. from Weill Cornell, and an M.P.H. from Columbia University’s Mailman School of Public Health .

Past Roles

Organization	Role	Tenure	Committees/Impact
Walmart, Inc.	EVP, Health & Wellness; later senior advisor	Dec 2020 – Mar 2023	Led company’s health care businesses
Cambia Health Solutions	Chief Medical Officer; President, Consumer Health Solutions	Sep 2018 – Dec 2020	Consumer health strategy and medical leadership
Walgreens Co.	Chief Medical Officer	2010 – 2013	Enterprise clinical leadership
SymCare (Johnson & Johnson)	GM & Chief Medical Officer (diabetes-focused division)	2007 – 2010	Digital/remote chronic care operations
Aetna; Pfizer	Medical Director	Not disclosed	Payer and biopharma medical leadership
Private practice	Cardiologist	Early career	Clinical practice foundation

External Roles

Organization	Role	Since/Through	Notes
Boston Scientific Corporation	Director (public company)	Current	Current public company directorship
Morgan Health	Partner	Current	Focus on quality, affordability, equity in healthcare
Caluent, LLC	President/Owner	Since 2012	Healthcare analytics & advisory company
American Heart Association; other non-profits/academia	Board/leadership roles	Current	Multiple charitable and private boards
Prior public company boards	Director	Prior	Phreesia, Tactile Systems Technology, Cogentix Medical

Board Governance

Independence: Board determined Dr. Pegus is independent under NYSE standards; the Board currently has a majority of independent directors .
Committee assignments: Member – Human Capital & Compensation; Member – Nominating, Governance & Sustainability; Chair – Quality of Care & Patient Safety .
Attendance: In FY2024 the Board met twice; each then-current director attended all Board and committee meetings of which they were a member (100% attendance) .
Committee activity: Audit & Compliance (5 meetings); Human Capital & Compensation (3); Nominating, Governance & Sustainability (1); Quality of Care & Patient Safety (2) in FY2024 .
Governance transition: Following Select’s distribution in Nov 2024, CON ceased to be a “controlled company”; NYSE independence phase-in for Compensation and Nominating committees completes by Nov 2025 .
Lead independent director: Daniel J. Thomas (responsibilities include executive sessions and agenda coordination) .

Key 2025 shareholder vote outcomes (signals of investor support/engagement):

Item	For	Against	Abstain	Broker Non-Votes
Election – Cheryl B. Pegus	113,994,041	3,742,087	12,973	4,847,189
Say-on-Pay (NEO compensation)	92,051,122	25,350,156	347,823	4,847,189
Say-on-Pay frequency – 1 Year	113,659,054	19,206 (2 yrs)	4,052,275 (3 yrs)	18,566 (abstain)

Fixed Compensation

Director cash fee structure and 2024 earned amounts:

Component	Amount/Terms
Quarterly cash retainer	$12,500 per quarter
Board meeting (in-person / telephonic)	$3,000 in person; $600 telephonic
Committee meeting – Audit & Compliance (in-person / telephonic)	$3,000 ($4,000 if independent of Board mtg) / $1,500; Chair additional $1,000 in-person, $500 telephonic
Committee meeting – Quality of Care & Patient Safety (in-person / telephonic)	$2,000 ($3,000 if independent of Board mtg) / $1,000; Chair additional $1,000 in-person, $500 telephonic
All other committee meetings (in-person / telephonic)	$1,000 ($2,000 if independent of Board mtg) / $500

Director	Fees Earned (2024)	Stock Awards (Grant-Date FV)	Total
Dr. Cheryl B. Pegus	$37,103	$299,985	$337,088

Notes: Directors may elect to receive retainer in fully-vested shares; Chair Ortenzio waived cash fees under a Transition Services Agreement for 2024 .

Performance Compensation

Annual equity awards to non-employee directors and vesting:

Grant Date	Shares Granted	Vesting Terms	Valuation Detail
Nov 26, 2024	12,992	50% “onboarding” vests ratably over 5 years; 50% “annual” vests after 1 year	Director stock awards valued at $299,985 (ASC 718) for 2024

No performance metrics apply to director equity; awards are time-vested restricted stock under the 2024 Plan .

Other Directorships & Interlocks

Type	Detail
Current public board	Boston Scientific Corporation – Director
Prior public boards	Phreesia, Tactile Systems Technology, Cogentix Medical
Board-level interlocks at CON	Other CON directors Thomas and Ortenzio also serve on Select Medical’s board; Ortenzio is Select’s Executive Chairman and holds Select equity, reflecting legacy ties post spin .

No specific related-party transactions involving Dr. Pegus are disclosed in the “Certain Relationships, Related Transactions and Director Independence” section; disclosed related-party items include a management hire related to the CEO and various separation/transition agreements with Select –.

Expertise & Qualifications

Clinical and operational depth: Cardiologist with payer (Aetna), biopharma (Pfizer/J&J), retail pharmacy/consumer health (Walgreens, Walmart), and health plan innovation (Cambia) experience .
Governance: Current public company director (Boston Scientific); service on charitable/medical organizations including American Heart Association .
Education: B.A. (Brandeis); M.D. (Weill Cornell); M.P.H. (Columbia Mailman School) .

Equity Ownership

Holder	Beneficial Ownership (Mar 1, 2025)	% Outstanding	Unvested Director Stock (Dec 31, 2024)
Dr. Cheryl B. Pegus	12,992 shares	<1%	12,992 shares

Director stock ownership guideline: At least 5x annual cash compensation (excluding meeting fees); three years from appointment to comply .
Trading policies: Anti-hedging policy prohibits employees and directors from hedging Company securities; no pledging policy is disclosed in the cited sections .

Governance Assessment

Strengths for investor confidence: Independent director with deep healthcare operating and clinical background; committee breadth with chair role on Quality of Care & Patient Safety; perfect 2024 attendance; strong individual election support (114.0M For vs 3.7M Against) .
Alignment: Director pay mix is equity-heavy (2024 stock awards $299,985 vs $37,103 cash), with multi-year vesting and a robust director ownership guideline (5x cash retainer) .
Shareholder voice: 2025 Say‑on‑Pay passed (92.1M For, 25.4M Against) and annual SoP frequency favored; as a Compensation Committee member, Pegus is a steward of evolving pay design .
Watch items: Compensation and Nominating committees are in NYSE independence phase-in until Nov 2025, with a non-independent chair on Compensation during transition; legacy ties to former parent (Select) persist via other directors (not Pegus), a consideration for perceived influence while transition services and tax covenants continue .
Related-party/Red flags: No related-party transactions disclosed for Pegus; company-level disclosures include a management hire related to the CEO and ongoing post-spin arrangements with Select (monitored under related-party policies) –.

Overall: Pegus brings relevant clinical and consumer-health operating expertise, chairs a core healthcare quality committee, and shows strong shareholder support and engagement signals. Governance transition items (committee independence phase-in; Select legacy ties via other directors) are company-level considerations rather than Pegus-specific issues .