Dennis Streppa
About Dennis Streppa
Independent director appointed July 14, 2025 (Class III; term expires at the 2026 annual meeting). Background includes global operations and entrepreneurship across public/private healthcare; MBA from Kellogg; prior roles driving M&A at Cardinal Health, leading an $800M manufacturing P&L, margin expansion as an entrepreneur, and private equity transactions. Currently President of iotech-AMES (since July 2020) and consultant to American Circuits (since December 2022). Board initially announced him as Audit Committee Chair; subsequent filings list him as an Audit member with other committee roles.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cardinal Health | M&A leadership/value creation | Not disclosed | Transaction execution and integration (per company announcement) |
| Manufacturing business (unspecified) | P&L leadership for $800M unit | Not disclosed | Operational optimization; cross-functional leadership |
| Entrepreneurial ventures | Founder/operator | Not disclosed | Tripled margins; transformation initiatives |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| iotech-AMES, Inc. | President | July 2020–present | Rehabilitation technologies focus |
| American Circuits, Inc. | Consultant | December 2022–present | Electronics engineering/manufacturing |
Board Governance
- Classification: Class III director; term expires at the 2026 Annual Meeting.
- Independence: Determined independent under Nasdaq rules and Rule 10A-3(b)(1). Lead Independent Director: F. Samuel Eberts III.
- Committee memberships (current per FY2025 10-K):
- Audit Committee: Scott R. Burell (Chair), Barrett Mooney, Dennis Streppa.
- Compensation Committee: Max Baucus (Chair), Dennis Streppa, F. Samuel Eberts III.
- Nominating & Corporate Governance Committee: F. Samuel Eberts III (Chair), Scott R. Burell, Barrett Mooney.
- Strategy Committee: Barrett Mooney (Chair), Dennis Streppa, Max Baucus, Jason Chen.
- Committee leadership transition: Company press release on appointment named Dennis Streppa as Audit Committee Chair; later 10-K lists Scott R. Burell as Chair, indicating a mid-2025 leadership change.
- Clawback policy: Adopted; available on company website.
Fixed Compensation
| Component | Amount (USD) | Timing/Notes |
|---|---|---|
| Annual cash retainer (Director) | $200,000 | Pro rata for service during fiscal year ending March 31, 2026 |
| Annual equity retainer (Director) | $100,000 (in Common Stock) | Under Equity Compensation Plan; pro rata for FY ending March 31, 2026 |
Performance Compensation
| Award Type | Grant Date | Shares | Fair Value | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| Director stock awards (Dennis Streppa) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | No performance metrics disclosed for non-employee directors in FY2025/plan narrative for Dennis |
Other Directorships & Interlocks
| Company | Role | Committee Positions | Notes |
|---|---|---|---|
| None disclosed | — | — | No other public company directorships disclosed in board/biography sections |
Expertise & Qualifications
- MBA from Kellogg; specialties in business transformation, cross-functional leadership, operational optimization.
- Healthcare operations across public and private companies; M&A execution and integration; private equity transactions.
- Manufacturing P&L leadership ($800M unit), governance and audit oversight experience.
Equity Ownership
| Holder | Shares Beneficially Owned | Ownership % of Outstanding | Instrument/Status | Notes |
|---|---|---|---|---|
| Dennis Streppa | 3,121 | Less than 1% | Shares held in non-managed self-directed IRA | Shares outstanding reference: 2,092,653 as of Oct 6, 2025 |
Governance Assessment
- Positive signals:
- Independent status and multi-committee service (Audit, Compensation, Strategy) support board effectiveness and oversight.
- Clawback policy adoption enhances accountability.
- No related-party transactions requiring Item 404 disclosure at appointment; board affirmed independence after review.
- Watch items / RED FLAGS:
- Audit Committee Chair shift (from Streppa at appointment to Burell in 10-K) suggests evolving governance; monitor stability and clarity of committee leadership.
- Company-level financial reporting environment: multiple auditor changes in 2024–2025 and noted material weakness history; elevates importance of Audit Committee effectiveness.
- Nasdaq minimum bid price deficiency and reliance on reverse split for listing compliance reflect capital structure stress; board oversight of financing terms, dilution and investor protections critical.
- Alignment/incentives:
- Director pay mix for Streppa is 67% cash / 33% stock ($200k cash; $100k stock), providing some equity alignment but skewed to cash; beneficial ownership is de minimis (<1%), though service-based stock grants are expected pro rata in FY2026.
Overall: Dennis Streppa brings operations and M&A depth, serves across key committees, and is independent. Given financing/dilution dynamics and internal control history, sustained, transparent audit leadership and clear committee responsibilities will be important to investor confidence.