Charles Robb
CORCEPT THERAPEUTICSAbout Charles Robb
Charles Robb, 62, is Chief Business Officer and Secretary at Corcept Therapeutics (CORT). He has 30+ years of executive management, operations, and finance experience; he served more than nine years as Corcept’s CFO before his promotion to CBO in March 2021. He holds a B.A. in English and Political Philosophy from Yale and a J.D. from Harvard Law School (Harvard Law Review). In 2024, Corcept reported revenue growth to $675.0 million from $482.4 million in 2023; the company’s pay-versus-performance disclosure shows a $100 investment in 2019 grew to $416 by 2024 (vs. $114 for the Nasdaq Biotech Index), framing a strong recent TSR backdrop during Robb’s senior leadership tenure.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Fitness Anywhere, Inc. | SVP Operations, Administration & Finance | 2005–2011 | Led operations and finance across U.S., Europe, Asia, providing multi-region scaling experience. |
| Private law practice | Attorney | 2003–2005 | Legal expertise applied to corporate matters prior to re-entering operating roles. |
| Citadon, Inc. | Senior Vice President | 2000–2002 | Senior operating role at enterprise software/services company. |
| Nomura Asset Capital Corporation | Business Development | 1998–1999 | Structured and sourced transactions in asset finance. |
| Legal Research Network, Inc. | Sales & Marketing | 1996–1998 | Commercial leadership in legal services. |
| Howard, Rice, Nemerovski, Canady, Falk & Rabkin | Attorney | 1992–1996 | Early-career legal experience at prominent firm. |
External Roles
No external public-company directorships or committee roles for Mr. Robb are disclosed in the proxy.
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $627,500 | $659,333 | $686,273 |
| Target Annual Bonus (% of salary) | 50% | 50% | 50% |
| All Other Compensation ($) | $20,500 | $22,500 | $23,000 |
Notes
- 2024 base salary was increased ~4% to $688,480 effective Feb 1, 2024 (timing/approved rate), with actual 2024 paid base of $686,273 reflecting proration/payroll timing.
Performance Compensation
Annual Cash Bonus (Pay-for-Performance)
| Executive | 2024 Target | 2024 Payout Multiple | 2024 Bonus Paid ($) | Basis/Comments |
|---|---|---|---|---|
| Charles Robb | 50% of salary | 155% of target | $533,572 | Discretionary framework aligned to 2024 achievements: revenue growth to $675.0M, NDA submission for relacorilant (hypercortisolism), positive CATALYST trial, completion of ROSELLA enrollment, continued MONARCH and prostate cancer studies. |
- For 2024, CORT applied a discretionary, company-goals-driven bonus program for named executive officers (no fixed weighting grid disclosed).
Long-Term Incentives (Equity)
| Grant Type | Grant Date | Shares/Units | Exercise Price | Expiration | Vesting |
|---|---|---|---|---|---|
| Stock Options | 2/9/2024 | 200,000 | $23.01/share | 2/9/2034 | 48 equal monthly installments (time-based) |
| ESPP Matching RSAs | 3/1/2024 | 697 | — | — | Vest on first anniversary of purchase; subject to ESPP holding condition |
| ESPP Matching RSAs | 6/3/2024 | 1,818 | — | — | Vest on first anniversary of purchase; subject to ESPP holding condition |
| ESPP Matching RSAs | 9/3/2024 | 503 | — | — | Vest on first anniversary of purchase; subject to ESPP holding condition |
| ESPP Matching RSAs | 12/2/2024 | 290 | — | — | Vest on first anniversary of purchase; subject to ESPP holding condition |
Grant-Date Accounting Values (2024): Options $2,804,219; RSAs $91,307.
2024 Option Exercises and RSA Vesting
| Item | Amount |
|---|---|
| Options Exercised (shares) | 47,000 |
| Value Realized on Exercise ($) | $1,526,880 |
| RSAs Vested (shares) | 4,829 |
| Value Realized on Vesting ($) | $156,031 |
Equity Ownership & Alignment
- Beneficial Ownership: 1,690,035 shares (1.6% of outstanding) as of April 17, 2025. Composition includes: 18,865 shares directly held; 22,422 shares held as custodian for his children (voting control); and 1,648,748 shares acquirable via options within 60 days.
- Outstanding/Unvested Awards (12/31/2024) include multiple time-based option grants (various strike prices/expirations), plus ESPP RSAs unvested from 2024 purchases; illustrative lines shown for 2024 grant (41,666 exercisable; 158,334 unexercisable at $23.01; expire 2/9/2034) with all grants vesting monthly over 48 months; RSAs vest at first anniversary of purchase.
- Hedging/Pledging: Corporate policy prohibits hedging transactions and prohibits directors/officers from pledging company securities as loan collateral.
Employment Terms
Severance and Change-in-Control (CIC) Economics (uniform across NEOs)
- Termination without cause or for good reason (outside CIC window): 12 months base salary paid in installments; up to 12 months continued health coverage.
- Termination within 18 months following a CIC: 12 months base salary paid lump-sum; up to 12 months health coverage; full vesting of all outstanding equity awards (termination “with or without cause” within the 18-month window triggers vesting).
- Robb’s indicative 12/31/2024 CIC case value: $688,480 salary; $19,299 health; $9,515,753 equity vesting acceleration; total $10,223,532 (assumes closing price $50.39 and unvested positions at 12/31/2024).
Other Terms
- Pension/Deferred Comp: No defined benefit pension or nonqualified deferred compensation plans for NEOs.
- Clawback/Ownership Guidelines: No specific clawback or executive stock ownership guidelines disclosure identified in the proxy; insider trading policy in force as above.
Multi‑Year Compensation (Charles Robb)
| Year | Base Salary ($) | Bonus ($) | Option Awards ($) | Restricted Stock Awards ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2022 | $627,500 | $315,000 | $2,214,569 | $26,240 | $20,500 | $3,203,809 |
| 2023 | $659,333 | $397,200 | $2,764,760 | $112,925 | $22,500 | $3,956,718 |
| 2024 | $686,273 | $533,572 | $2,804,219 | $91,307 | $23,000 | $4,138,371 |
Performance & Track Record (Context)
- 2024 Achievements highlighted by Corcept include: revenue growth to $675.0M (from $482.4M); NDA submission for relacorilant (hypercortisolism); positive CATALYST results; completed ROSELLA enrollment; continued MONARCH (MASH) and a Phase 2 relacorilant + enzalutamide in prostate cancer.
- Pay vs Performance: Value of a $100 investment (2019 base) reached $416 by 2024, versus $114 for the NBI peer index; revenues reached $675,040 thousand with net income of $141,209 thousand in 2024.
Governance, Say‑on‑Pay, and Committee Context
- Compensation Committee members: David L. Mahoney (Chair), Gregg Alton, G. Leonard Baker, Jr., Daniel N. Swisher, Jr.
- Say‑on‑Pay support: 98% approval for 2023 NEO compensation at the 2024 annual meeting; stockholders favored an annual frequency in 2023 (59% of votes cast).
- Related Party Transactions: None requiring disclosure since Jan 1, 2024 (other than standard compensation arrangements).
Compensation Structure Analysis (Signals)
- Mix and risk: Heavy use of stock options with four-year monthly vesting aligns with long-term TSR but also creates regular monthly vesting supply; RSAs are limited to ESPP matching shares (one-year vest).
- Discretionary cash bonuses: No formulaic weighting disclosed; 2024 payouts above target reflect milestone execution (commercial growth, NDA, clinical progress).
- CIC design: Vesting acceleration requires termination within 18 months post‑CIC (broadly triggers full vesting upon termination within the window), plus 12 months base salary and health; no bonus multiple or cash severance beyond salary is disclosed.
- Hedging/pledging: Prohibited, supporting alignment (reduces red‑flag risk of collateral‑driven selling).
Investment Implications
- Alignment: Robb’s economics are predominantly option‑based with significant in‑the‑money potential and monthly vesting cadence, aligning reward with stock appreciation but creating ongoing incremental vesting supply; hedging/pledging prohibitions mitigate misalignment risks.
- Retention risk: Uniform severance (12 months salary/health) and full equity acceleration upon termination within 18 months post‑CIC provide meaningful protection, particularly given Robb’s large option overhang (1,648,748 options exercisable within 60 days as of April 17, 2025).
- Trading signals: 2024 exercises (47,000 shares; $1.53M value) and upcoming ESPP RSA one‑year anniversaries (from 2024 purchases) are potential sources of selling flow; monitor 10b5‑1 activity and vesting calendars near quarterly windows.
- Pay‑for‑performance: Elevated 2024 bonus (155% of target) is consistent with Corcept’s commercial growth and regulatory/clinical progress; continued value creation hinges on NDA review outcomes and oncology/metabolic pipeline readouts that underpin long‑term option value.