Raymond Stevens
DANAHER CORP /DE/About Raymond C. Stevens, PhD
Independent director of Danaher Corporation; age 61; director since 2017. CEO and director of Structure Therapeutics since May 2019; prior academic leadership at USC and The Scripps Research Institute. Skills: global/international, life sciences, product innovation, public company CEO; currently serves on the Audit and Science & Technology Committees. The Board has affirmatively determined he is independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Structure Therapeutics (formerly ShouTi) | Chief Executive Officer and Director | Since May 2019 | Led drug discovery-focused biotech; public company leadership brings CEO perspective to Danaher board |
| University of Southern California (The Bridge Institute) | Provost Professor of Biological Sciences and Chemistry; Founder and Director | Jul 2014 – Aug 2021 | Built interdisciplinary institute bridging academia and industry; advances in drug development collaborations |
| The Scripps Research Institute | Professor of Molecular Biology and Chemistry | 1999 – Jul 2014 | Pioneering molecular research; contributed to therapeutics for influenza, childhood diseases, neuromuscular disorders, diabetes |
| Multiple biotechnology companies | Founder | Various | Launched biotechs focused on drug discovery; translational science leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Structure Therapeutics | CEO and Director | Since May 2019 | Current public company role listed in Danaher proxy |
Board Governance
- Committees: Audit Committee (member); Science & Technology Committee (member). Audit Committee signatories include Stevens; S&T membership listed in nominee bio .
- Independence: Board determined Stevens is independent under NYSE standards .
- Attendance: The Board met 5 times in 2024; overall board and committee attendance was 97%, with 11 directors attending 100%; all directors attended the May 2024 annual meeting. Committee meetings held in 2024: Audit 7; S&T 5 .
- Tenure: Director since 2017 .
Fixed Compensation (Non-Management Director, 2024)
| Component | Amount ($) | Detail |
|---|---|---|
| Fees Earned or Paid in Cash | — | 100% of cash fees deferred into phantom shares under the Directors’ Deferred Compensation Plan; phantom shares accounted under “Stock Awards” |
| Stock Awards | 226,833 | Grant date fair value (RSUs and phantom shares); RSUs vest at 1 year or prior to next annual meeting; delivery deferred until death or 7 months post-retirement |
| Option Awards | 102,144 | Fully vested at grant; Black-Scholes valuation with specified assumptions |
| Total | 328,977 | Sum of stock and option awards |
Additional details:
- 2024 phantom shares received under the Deferred Compensation Plan: 508 shares .
- As of Dec 31, 2024: Unvested RSUs 390; Stock options outstanding 6,627 (fully vested) .
Performance Compensation
| Feature | Status | Notes |
|---|---|---|
| Performance-conditioned director equity | Not disclosed | Danaher’s non-management director program grants options (fully vested at grant) and time-vesting RSUs; no performance metrics disclosed for director equity |
Other Directorships & Interlocks
| Company | Role | Board Committees (if disclosed) | Interlocks/Conflict Notes |
|---|---|---|---|
| Structure Therapeutics | CEO and Director | Not disclosed in DHR proxy | No related-party transactions disclosed involving Stevens; independence affirmed |
Expertise & Qualifications
- Scientific credentials: Among the world’s most influential biomedical scientists in molecular research with pioneering work translating science to therapeutics .
- Strategic fit: Deep life sciences, product innovation, public company CEO experience; global/international exposure including extensive experience in China .
- Committee-relevant skills: Science & Technology oversight; Audit financial literacy affirmed by Board’s Audit Committee composition (members deemed financial experts) .
Equity Ownership
| Metric | Value | Notes |
|---|---|---|
| Beneficial Ownership (Mar 1, 2025) | 13,010 shares | Includes options to acquire 6,627 shares and 6,384 phantom shares under the Directors’ Deferred Compensation Plan; less than 1% of class |
| Options (beneficially owned) | 6,627 | Exercisable counted in beneficial ownership |
| Phantom Shares (deferred comp) | 6,384 | Counted toward beneficial ownership and director ownership policy |
| Unvested RSUs (Dec 31, 2024) | 390 | Director RSUs vest as outlined; delivery deferred |
| Ownership Guidelines Compliance | In compliance | Directors must own ≥5x annual cash retainer within 5 years; RSUs and phantom shares count; options do not; each director complies |
Governance Assessment
- Board effectiveness: Stevens strengthens technical oversight via Science & Technology Committee membership and contributes to financial oversight on Audit. Audit Committee members are independent, financially literate, and qualify as financial experts, bolstering investor confidence .
- Alignment and incentives: Full deferral of cash fees into phantom shares (508 phantom shares in 2024) and annual equity grants (RSUs and options) align director incentives with long-term shareholder value; delivery of RSUs deferred until post-retirement enhances long-term orientation .
- Independence and conflicts: Independence affirmed; no Stevens-specific related-party transactions disclosed; Danaher’s Related Person Transactions Policy requires pre-approval and prohibits transactions inconsistent with shareholder interests, mitigating conflict risk .
- Ownership risk controls: Anti-pledging/hedging policy applies to directors; directors comply. Pledging exceptions apply only to Rales brothers with Audit Committee oversight; no pledging indicated for Stevens .
- Investor signals: 2024 Say-on-Pay approval at 93% suggests broad investor support for compensation governance; robust shareholder engagement (≈25% of shares engaged) and majority voting with director resignation policy underscore governance discipline .
RED FLAGS: None disclosed for Stevens regarding related-party transactions, pledging, hedging, attendance shortfalls, or compensation anomalies in the proxy. Continued monitoring of any external roles for potential interlocks is prudent .