Tobin W. Juvenal
About Tobin W. Juvenal
Tobin W. Juvenal is Chief Commercial Officer (CCO) of Castle Biosciences (CSTL), serving as CCO since August 2020 after leading sales as Senior Vice President from October 2008 to August 2020. He is 65, holds a B.S. in marketing from the University of Florida, and previously held commercial roles at Encysive Pharmaceuticals, deCODE Genetics, Genzyme Pharmaceuticals and Genetics Institute . During 2024, Castle delivered 51% revenue growth to $332.1 million and 36% growth in total test reports, while cumulative TSR (SEC methodology, base 12/31/2019) stood at 77.54 at year-end 2024, providing context for pay-for-performance alignment in his incentive design .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Castle Biosciences | Chief Commercial Officer | Aug 2020–present | Executive leadership of commercial function |
| Castle Biosciences | SVP, Sales | Oct 2008–Aug 2020 | Built and led sales organization for CSTL’s diagnostics portfolio |
| Encysive Pharmaceuticals | VP, Sales | Dec 2005–Jun 2007 | Commercial leadership in specialty pharma sales |
| deCODE Genetics; Genzyme Pharmaceuticals; Genetics Institute | Management positions | Not disclosed | Commercial/management roles in genomics and pharma |
External Roles
No external public company directorships or outside board roles disclosed for Juvenal in the 2025 Proxy Statement .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 455,000 | 482,300 | 506,415 |
| Target Bonus (%) | 50% (pre-2024 level) | 50% (pre-2024 level) | 55% (raised in 2024) |
Notes:
- Target bonus increased in 2024 to better align with market and performance philosophy .
Performance Compensation
2024 Annual Cash Incentive – Payout Calculation (NEO-specific)
| Name | Base Salary ($) | Target Bonus (%) | Target Bonus ($) | Corporate Perf. Actual (%) | Corporate Wt. (%) | Individual Perf. Actual (%) | Individual Wt. (%) | Actual Bonus ($) |
|---|---|---|---|---|---|---|---|---|
| Tobin W. Juvenal | 506,415 | 55% | 278,528 | 128.8 | 80 | 125 | 20 | 356,628 |
Additional details:
- Discretionary portion of bonus reported separately in SCT “Bonus ($)” column: $13,926 for 2024; non-equity incentive plan comp: $342,701 .
2024 Corporate Performance Framework (for plan funding)
| Metric | Target Weight | Target | Actual/Outcome | Payout mechanics |
|---|---|---|---|---|
| Revenue | 75% | $305.0M | $332.1M | Sliding scale factor 145% for pool; translates to 108.8% weight contribution (A x B) |
| Long-term initiatives (3 components) | 25% | Valid. study; E-ordering; Reimbursement targets | Achieved: 10% (validation), 5% (e-ordering), 5% (reimbursement) = 20% | No discretion; objective attainment; threshold for category 20% |
Multi-year Compensation Snapshot
| Component | FY 2022 ($) | FY 2023 ($) | FY 2024 ($) |
|---|---|---|---|
| Salary | 455,000 | 482,300 | 506,415 |
| Bonus (discretionary portion) | 13,650 | 14,469 | 13,926 |
| Stock awards (grant-date fair value) | 1,919,356 | — (no annual grants per cycle shift) | 1,563,738 |
| Non-equity incentive plan comp | 295,750 | 312,530 | 342,701 |
| All other comp | 18,300 | 19,800 | 20,150 |
| Total | 2,702,056 | 829,099 | 2,446,931 |
Equity Awards (Structure, Grants, Vesting)
2024 Grants
| Grant date | Instrument | Shares (#) | Grant-date fair value ($) | Vesting terms |
|---|---|---|---|---|
| 3/4/2024 | Time-based RSUs | 55,243 | 1,172,809 | Four equal annual installments beginning on first anniversary of vesting commencement (policy) |
| 3/4/2024 | PSUs (target) | 18,414 | 390,929 | 3-year performance; vests by metric: new test launch (50%), revenue (25%), positive EBITDA by end of 2026 (25%) |
Notes:
- Company shifted annual grant timing to Q1 starting 2024; no annual executive equity grants in 2023 .
- PSU design moved from 2- to 3-year performance to reduce overlap with STI; added pipeline launch and positive EBITDA as multi-year targets .
Outstanding Equity at 12/31/2024 (Selected)
| Type | Quantity | Market/Payout value ($) | Key details |
|---|---|---|---|
| Unvested RSUs | 55,243 | 1,472,226 (at $26.65) | |
| Unearned PSUs (single payout scenario) | 18,414 | 490,733 (at $26.65) | |
| Options exercisable or exercisable within 60 days | 146,061 | N/A | Beneficial ownership footnote; multiple vintage grants outstanding |
Prior PSU milestone:
- 2022 PSUs: cumulative revenue goal achieved based on 2023 + H1 2024 revenue ($379.8M) → 50% vested in Aug 2024; remaining 50% to vest Aug 8, 2025 (service-based) .
Option exercise activity:
- In 2024, Juvenal exercised 11,308 options (value realized $263,205) and vested 34,521 stock awards (value realized $1,013,493) .
Vesting and potential selling pressure indicators:
- 2022 PSUs final 50% vest on Aug 8, 2025 (service condition) .
- 2024 RSUs vest annually over four years from grant, adding annual liquidity events beginning on the first anniversary (policy) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 226,472 shares (incl. 146,061 options exercisable/within 60 days) |
| Components | 78,181 shares held directly; 2,230 shares held by the Tobin W. and Susan M. Juvenal Family Revocable Trust; 146,061 options exercisable/within 60 days |
| % of outstanding | Less than 1% (company denotes “*” for <1%); Shares outstanding 28,839,188 as of 3/21/2025 |
| Pledging/hedging | Prohibited by Insider Trading Policy; no pledging permitted |
| Ownership guidelines | Officers: 1x base salary; as of 3/21/2025 all directors and executive officers meet guidelines |
Employment Terms
| Provision | Non–Change in Control | Change in Control (double trigger) |
|---|---|---|
| Base salary severance | 12 months | 12 months (lump sum) |
| Bonus severance | Target bonus for current year | Target bonus for prior year (lump sum) |
| COBRA | Employer-paid up to 12 months | Employer-paid up to 12 months |
| Time-based equity | 12 months’ acceleration | Full acceleration |
| PSUs | Pro-rata based on service; shares determined by actual performance at period end | Accelerate at 100% of target upon covered termination in CIC window |
| At-will employment | Yes; employment agreement dated Oct 2008, amended Apr 21, 2009; governs current terms |
Additional governance/risk mitigants:
- Clawback policy (NASDAQ/SEC compliant) for Section 16 officers .
- Hedging/pledging prohibited; no post-employment tax gross-ups; no single-trigger vesting on CIC .
- Retirement policy: executives at/above SVP, age ≥60 and 5+ years’ service eligible for accelerated vesting per policy schedule; Juvenal currently meets requirements (age 65) .
Company Performance Context (during Juvenal’s CCO tenure)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue ($000s) | 94,085 | 137,039 | 219,788 | 332,069 |
| TSR – value of $100 (base 12/31/2019) | 124.73 | 68.49 | 62.79 | 77.54 |
| Tests delivered (reports) | — | — | — | 96,071 (36% YoY growth) |
Say-on-Pay support: Approximately 97% approval at 2024 annual meeting; extensive investor outreach continued in 2024 and informed 2025 program decisions .
Investment Implications
- Alignment and structure: High proportion of at-risk pay with explicit revenue and multi-year operating milestones; 2024 plan paid above target driven by 51% revenue growth, consistent with pay-for-performance philosophy .
- Retention vs. liquidity: Significant unvested RSUs (55,243) and PSUs (18,414) support retention, but retirement eligibility and the 2022 PSU tranche vesting in Aug 2025 create near-term liquidity windows that can increase selling pressure without signaling deteriorating conviction .
- Change-in-control economics: Double-trigger vesting and 12-month cash/benefit protection (target bonus + salary) indicate moderate CIC protection without single-trigger windfalls; PSUs at 100% target on CIC termination simplify deal execution but cap upside upon transaction .
- Governance quality: Strong policies (clawback, anti-hedging/pledging, ownership guidelines) and high Say-on-Pay support mitigate compensation risk; no option repricing and transparent metric design changes (shift to 3-year PSUs) reduce red flags .
- Trading signals: 2024 option exercises (11,308 shares) and scheduled RSU/PSU vesting in 2025 suggest potential flow supply; monitor Form 4 cadence around vest dates and trading windows to gauge pressure vs. discretionary selling .