Robert Stefanovich
Senior Vice President, Chief Administrative Officer and Chief Financial Officer at Cryoport
Executive
About Robert Stefanovich
Senior Vice President, Chief Administrative Officer and Chief Financial Officer of Cryoport (CYRX); appointed CFO and Treasurer in June 2011; previously served as Principal Executive Officer (interim CEO) from June 15 to November 4, 2012. Education: MBA and Engineering from University of Darmstadt, Germany. Responsibilities span finance, reporting/compliance, controls, tax, treasury, legal, and HR. 2024 bonus metrics for executives focused on Revenue and Adjusted EBITDA; company achieved $228.4M revenue (99.3% of target) but missed Adjusted EBITDA, materially influencing payouts. Stockholder return has been challenged recently, with CYRX’s pay-versus-performance TSR indicator falling to $47.27 (from a $100 baseline) in 2024.
| Performance Trend | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue ($USD) | $222.6M | $237.3M | $233.3M | $228.4M |
| EBITDA ($USD) | $2.4M* | ($9.1M)* | ($31.8M)* | ($35.4M)* |
| Notes | EBITDA trend under pressure; bonus plan revised Sep-2024 to reflect macro changes |
- Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novalar Pharmaceuticals, Inc. | Chief Financial Officer | 2007–2011 | Led finance at VC-backed specialty pharma; public-company discipline to private growth environment |
| Xcorporeal, Inc. | Interim Chief Financial Officer | Not disclosed | Public medical device finance leadership during transition period |
| Artemis International Solutions Corp. | EVP & Chief Financial Officer | Not disclosed | Public software company CFO; M&A/ops finance leadership |
| Aethlon Medical Inc. | Chief Financial Officer & Secretary | Not disclosed | Public medtech CFO; SEC reporting and capital markets |
| SAIC (Fortune 500) | Vice President of Administration | Not disclosed | Scaled administrative and financial operations |
| Price Waterhouse (PwC) | Audit Manager; Software Advisory Group member | Not disclosed | Audit/technical accounting across US and Germany |
External Roles
No other public company directorships disclosed in CYRX filings.
Fixed Compensation
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $488,750 | $534,437 | $568,734 |
| Disclosed Base (Comp Table Note) | $579,075 target base; 5% raise effective May 1, 2024 | ||
| Target Bonus % of Base | 60% | 60% | 60% |
| Actual Bonus Paid ($) | — | — | $200,475 |
| Total Compensation ($) | $1,113,253 | $1,042,877 | $966,897 |
Notes:
- 2024 base salary increased from $551,500 to $579,075 (+5%) effective May 1, 2024.
- 2024 actual bonus equaled 57.7% of target.
Performance Compensation
2024 Annual Bonus Plan Mechanics
- Metrics and weights: Revenue (40%), Adjusted EBITDA (40%), Individual objectives (20%; CEO excludes this component). Payout scale 0–150% per metric.
- Targets revised in September 2024 given macro environment changes.
| Metric | Weight | Target | Actual 2024 | % of Target Achieved | Payout % |
|---|---|---|---|---|---|
| Revenue | 40% | $230.0M | $228.4M | 99.3% | 94.2% |
| Adjusted EBITDA | 40% | ($8.4M) | ($15.1M) | N/A | 0% |
| Individual Objectives | 20% | Company-set | 100% attainment for Stefanovich | — | 100% |
| Total Payout % of Target | — | — | — | — | 57.7% |
2024 Equity Awards and Vesting
| Grant Date | Instrument | Shares/Options | Exercise Price | Term | Vesting |
|---|---|---|---|---|---|
| 3/15/2024 | RSRs | 5,750 | n/a | n/a | 25% annually on 3/15/2025–2028 |
| 3/15/2024 | Stock Options (premium-priced) | 11,500 | $16.70 | 7 years | Vests 1/48 monthly over 4 years |
Program design highlights:
-
50% of long-term incentive value delivered via performance-based options priced at 10% premium to grant-date close; remaining in time-based RSRs.
- Options vest monthly over 4 years; RSRs vest annually over 4 years.
- 2024 exercises/vestings: 53,334 options exercised (value realized $170,935); 7,894 RSRs vested (value realized $129,433).
Equity Ownership & Alignment
| Ownership Snapshot (Record Date: April 14, 2025) | Amount |
|---|---|
| Total Beneficial Ownership (Common) | 837,457 shares (1.7% of common) |
| Shares acquirable within 60 days (options/unvested RSRs) | 504,261 shares included in above |
| RSRs unvested at 12/31/2024 | 2,667 (2021), 5,227 (2022), 7,841 (2023), 5,750 (2024) |
| Selected option positions (exercisable/unexercisable; price; expiry) | 21,250/83 @ $58.94 exp. 3/9/2028; 14,376/6,534 @ $29.69 exp. 3/14/2029; 9,148/11,762 @ $23.78 exp. 3/22/2030; 2,156/9,344 @ $16.70 exp. 3/15/2031 |
| Policy on Hedging/Pledging | Hedging and pledging of Company stock prohibited |
| Stock Ownership Guidelines | CFO required ≥3x base salary; all NEOs compliant or within time to comply |
Implications:
- Ongoing monthly option vesting plus annual RSR vesting create a steady cadence of potential saleable shares; 2024 exercises indicate some monetization but do not alone imply sustained selling pressure.
- Prohibition on pledging/hedging reduces misalignment risk.
Employment Terms
| Term | Detail |
|---|---|
| Role start | CFO/Treasurer since June 2011; SVP since 2019 |
| Agreement term | Expires Feb 15, 2027; auto-renews annually unless 180 days’ notice |
| Non-solicit | 18 months post-termination |
| Severance (no cause/good reason) | 18 months base salary; Company portion of COBRA up to 18 months; 12 months of equity acceleration |
| Change-in-control (within 12 months + termination) | All unvested equity fully accelerates (double-trigger) |
| Clawback | Mandatory recovery of excess incentive comp upon restatement (3 prior fiscal years) |
| Tax gross-ups | No change-in-control tax gross-ups |
| Other | Insider Trading policy; ownership guidelines as above |
Estimated termination values (12/31/2024 stock price $7.78):
- CFO: Cash $868,613; Benefits $19,673; Equity (12 months acceleration) $292,963; Total $1,181,249. CoC termination equity full acceleration estimated $509,082.
Compensation Committee, Peer Group, and Say‑on‑Pay
- Committee uses independent consultant FW Cook for benchmarking; peer set spans healthcare tech/tools/services and life science logistics (e.g., Azenta, Repligen, Medpace, Lantheus, Veracyte, SPS Commerce, Manhattan Associates, Pegasystems, etc.).
- 2024 say‑on‑pay support ~98%, indicating strong shareholder endorsement.
- Design features: majority at‑risk pay; capped bonuses (150% of target); no option repricing; no SERP; robust clawback; no hedging/pledging.
Performance Reference (Pay‑Versus‑Performance TSR Indicator)
| Year | CYRX TSR value of $100 initial investment | Peer Group TSR |
|---|---|---|
| 2020 | $266.59 | $135.64 |
| 2021 | $359.48 | $190.28 |
| 2022 | $105.41 | $144.55 |
| 2023 | $94.11 | $141.45 |
| 2024 | $47.27 | $137.15 |
Investment Implications
- Alignment: Significant equity exposure (1.7% beneficial ownership) with strict no‑hedging/pledging and 3x‑salary ownership guideline supports shareholder alignment; double‑trigger CoC treatment moderates entrenchment risk.
- Incentive design: Heavy use of premium‑priced options (>50% of LTI) creates leverage to stock appreciation; missed 2024 Adjusted EBITDA zeroed 40% of bonus formula, resulting in a below‑target bonus (57.7% of target), evidencing pay‑for‑performance sensitivity.
- Vesting/selling pressure: Monthly option vesting and annual RSRs produce continuous potential supply; 2024 exercises show some monetization but not systemic pressure; hedging/pledging ban reduces risk of forced selling via collateral calls.
- Retention risk: 18‑month cash + partial equity acceleration upon termination offers retention but is not excessive; full acceleration requires CoC + termination, aligning with best‑practice double‑trigger standards.
- Governance signaling: High say‑on‑pay support (98%), independent consultant use, and robust clawback suggest compensation oversight quality that reduces headline risk.