Sean Maduck
CORCEPT THERAPEUTICSAbout Sean Maduck
Sean Maduck is President, Corcept Endocrinology (appointed April 2022), age 48, and an executive officer of Corcept Therapeutics (CORT). He joined Corcept in 2012 and previously served as Chief Commercial Officer and Senior Vice President, Commercial. Education: A.B. (Dartmouth), B.E. in Biomedical Engineering (Thayer School of Engineering at Dartmouth), and Masters in Management (Stanford Graduate School of Business) . Company performance in 2024 included revenue growth to $675.0 million (+40% YoY from $482.4 million in 2023) and advancing multiple clinical programs; TSR since 2019 reached $416 (value of $100 initial investment), with net income of $141,209 thousand in 2024, indicating strong commercial and R&D execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Corcept Therapeutics | President, Corcept Endocrinology | Apr 2022–present | Leads endocrinology division; commercial growth and market defense for Korlym; supports relacorilant advancement . |
| Corcept Therapeutics | Chief Commercial Officer; SVP, Commercial; VP Sales & Marketing | 2012–2022 | Built and led commercial organization; expanded clinical specialists; supported revenue growth . |
| Genentech | Finance, Portfolio Planning, Commercial roles | 2002–2012 | Cross-functional biopharma experience across finance and commercial planning . |
| W.R. Hambrecht + Co. | Investment Banking Analyst | Pre-2002 | Capital markets foundation . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cancer Support Community – San Francisco Bay Area | Director (Board) | 2012–2022 | Community engagement; healthcare advocacy . |
Fixed Compensation
- 2024 base salary rate increased ~4% to $628,161 from $604,000 in 2023 (effective Feb 1, 2024) .
- Discretionary bonuses paid March 2025 reflecting 2024 achievements .
Multi-year compensation (as reported):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $572,917 | $601,583 | $626,148 |
| Bonus ($) | $230,000 | $422,800 | $471,120 |
| Option Awards ($) | $2,866,685 | $2,764,760 | $2,804,219 |
| Restricted Stock Awards ($) | $23,954 | $97,288 | $46,684 |
| All Other Compensation ($) | $20,500 | $22,500 | $23,000 |
| Total ($) | $3,714,056 | $3,908,931 | $3,971,171 |
Performance Compensation
- Target bonus: 50% of salary for Sean; CEO 100%; committee determines actual payout based on company and individual performance .
- 2024 bonus payable at 150% of target for Sean ($471,120) recognizing revenue growth, NDA submission for relacorilant, positive trial results, and program enrollments .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company and individual performance vs long-term goals (revenue, clinical milestones) | Discretionary (committee judgment) | 50% of salary | 150% of target (2024) | $471,120 (paid Mar 2025) | Cash; no vesting |
Long-term equity incentives (options; 48-month monthly vesting; 10-year term; exercise price at market) :
| Grant Date | Shares | Exercise Price ($/sh) | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|
| 2/9/2024 | 200,000 | $23.01 | 48 equal monthly installments | $2,804,219 |
| 2/13/2023 | 200,000 total; 91,666 exercisable, 108,334 unexercisable as of 12/31/24 | $23.06 | Monthly | — |
| 2/2/2022 | 200,000 total; 141,666 exercisable, 58,334 unexercisable as of 12/31/24 | $19.26 | Monthly | — |
| 4/6/2022 | 50,000 total; 33,333 exercisable, 16,667 unexercisable as of 12/31/24 | $22.05 | Monthly | — |
| 2/5/2021 | 200,000 total; 191,666 exercisable, 8,334 unexercisable as of 12/31/24 | $29.41 | Monthly | — |
| Earlier options (2016–2020) | See Outstanding Awards table below | Various | Fully or majority vested | — |
Employee Stock Purchase Plan (ESPP) RSAs (match shares; vests after 1 year if purchased share held) :
| RSA Grant Date | Shares | Vesting | Fair Value ($) |
|---|---|---|---|
| 3/1/2024 | 636 | 1-year from purchase | $15,302 |
| 9/3/2024 | 458 | 1-year from purchase | $15,691 |
| 12/2/2024 | 265 | 1-year from purchase | $15,691 |
Option exercises and realized value (insider selling pressure indicator):
| Year | Shares Exercised | Value Realized ($) |
|---|---|---|
| 2024 | 135,000 | $2,924,789 |
Equity Ownership & Alignment
Beneficial ownership as of April 17, 2025:
- Total shares beneficially owned: 1,825,349 (1.8% of outstanding) .
- Breakdown: 105,622 shares held directly; 1,719,727 shares acquirable via options within 60 days .
- Hedging and pledging: Company policy prohibits hedging and prohibits pledging of company securities by directors and officers, reducing misalignment risk .
| Ownership Type | Shares | % of Outstanding |
|---|---|---|
| Direct (held in name) | 105,622 | 0.10% (implied from total) |
| Options exercisable within 60 days | 1,719,727 | — |
| Total beneficial ownership | 1,825,349 | 1.8% |
Outstanding equity awards (as of Dec 31, 2024):
| Vesting Start | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($/sh) | Expiration | Unvested RSAs (#) | Unvested RSAs Market Value ($) |
|---|---|---|---|---|---|---|
| 2/26/2016 | 41,986 | — | $3.88 | 2/26/2026 | — | — |
| 4/27/2016 | 150,000 | — | $5.05 | 5/2/2026 | — | — |
| 2/10/2017 | 400,000 | — | $8.27 | 2/10/2027 | — | — |
| 2/7/2018 | 200,000 | — | $16.52 | 2/7/2028 | — | — |
| 2/8/2019 | 200,000 | — | $11.35 | 2/8/2029 | — | — |
| 2/7/2020 | 250,000 | — | $13.56 | 2/7/2030 | — | — |
| 7/1/2020 | 40,000 | — | $15.82 | 7/13/2030 | — | — |
| 2/5/2021 | 191,666 | 8,334 | $29.41 | 2/5/2031 | — | — |
| 2/2/2022 | 141,666 | 58,334 | $19.26 | 2/2/2032 | — | — |
| 4/6/2022 | 33,333 | 16,667 | $22.05 | 5/2/2032 | — | — |
| 2/13/2023 | 91,666 | 108,334 | $23.06 | 2/13/2033 | — | — |
| 2/9/2024 | 41,666 | 158,334 | $23.01 | 2/9/2034 | — | — |
| ESPP RSAs (3/1/2024) | — | — | — | — | 636 | $32,048 |
| ESPP RSAs (9/3/2024) | — | — | — | — | 458 | $23,079 |
| ESPP RSAs (12/2/2024) | — | — | — | — | 265 | $13,353 |
Stock ownership safeguards:
- Insider trading policy prohibits hedging and pledging for directors, officers, and employees .
- Equity award grant timing not coordinated with MNPI; disclosure under Item 402(x) shows grant four business days before Form 10-K; no opportunistic timing; closing price change around disclosure −6.16% .
Employment Terms
Severance and Change-in-Control Agreements (identical terms for NEOs) :
- Termination without cause or for good reason (outside change in control): 12 months’ base salary paid in installments plus up to 12 months continued health insurance .
- Termination within 18 months following a change in control: lump sum equal to 12 months’ base salary, up to 12 months continued health insurance, and full acceleration of all outstanding equity awards (double-trigger vesting acceleration) .
Estimated benefits for Sean Maduck (assuming qualifying termination on Dec 31, 2024) :
| Scenario | Base Salary ($) | Accelerated Vesting ($) | Health Insurance ($) | Total ($) |
|---|---|---|---|---|
| Outside Change in Control | $628,161 | — | $31,586 | $659,747 |
| Within 18 Months Post-Change in Control | $628,161 | $9,827,561 (valued at $50.39 closing stock price) | $31,586 | $10,487,308 |
Other policies:
- No disclosure of tax gross-ups, deferred compensation plans, non-compete duration, or ownership guidelines for executives in proxy; company prohibits hedging/pledging and maintains indemnification agreements for executives .
Performance & Track Record
Company achievements cited by the board for 2024 compensation decisions: revenue growth to $675.0 million (from $482.4 million in 2023), NDA submission for relacorilant in hypercortisolism, positive CATALYST results, completion of enrollment in ROSELLA (ovarian cancer) and progress in MONARCH (MASH) . As President of Endocrinology, Maduck publicly reiterated 2024 revenue guidance of $600–$630 million, citing confidence in growing Korlym and defending market share .
Pay vs performance metrics:
| Metric | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Total Shareholder Return (Value of $100 at 12/31/2019) ($) | $216 | $164 | $168 | $268 | $416 |
| Peer Group TSR (NBI) (Value of $100) ($) | $126 | $125 | $111 | $115 | $114 |
| Net Income ($ thousands) | $106,011 | $112,512 | $101,418 | $106,140 | $141,209 |
| Revenue ($ thousands) | $353,874 | $365,978 | $401,858 | $482,375 | $675,040 |
Say-on-pay support (alignment signal):
- 98% approval of named executive officer compensation at 2024 annual meeting; annual vote cadence supported by 59% of votes in 2023 .
Investment Implications
- Strong equity alignment: Maduck beneficially owns 1.8% of shares, with substantial in-the-money options and a policy prohibition on hedging/pledging; accelerated vesting under change-in-control terms could create event-driven liquidity but requires termination within 18 months post-CI (double trigger) .
- Near-term selling pressure: 135,000 options exercised in 2024; ongoing monthly vesting across multiple grants implies a steady stream of potential exercises; however, insider policy controls mitigate misalignment risk .
- Pay-for-performance: 2024 bonus at 150% of target reflects outsized revenue growth and clinical progress; equity grants vest over 48 months, emphasizing retention and long-term value creation .
- Retention risk: Severance outside CI is limited to 1x salary plus health benefits, which is modest relative to equity value; CI acceleration materially increases realized equity value, potentially incentivizing support for strategic alternatives if combined with role transition .
- Execution credibility: Public defense of guidance and leadership of the commercial endocrinology franchise support confidence in revenue durability and market share defense in Cushing’s; continued progress in relacorilant could further align incentives with long-term shareholder value .