Collin McQuiddy
About Collin McQuiddy
Collin S. McQuiddy is Senior Vice President and Chief Accounting Officer (CAO) at Enhabit (EHAB), age 48, serving since August 2024. He previously held senior finance and accounting leadership roles at UnitedHealthcare of Louisiana (2020–2024) and was Chief Accounting Officer at LHC Group (2019–2020); he began his career in public accounting at PricewaterhouseCoopers LLP . Company performance context during his tenure includes 2024 net revenue of $1,034.8 million and Adjusted EBITDA of $100.1 million (+2.6% YoY), with SMBP (short-term bonus plan) paying 25% of target; company TSR since the 2022 spin was $34.34 for a fixed $100 investment by 2024 (vs $107.05 peer group) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| UnitedHealthcare of Louisiana, Inc. (UnitedHealth Group) | Senior Director of Finance | 2020–2024 | Payer finance leadership; experience with disclosure controls and regulatory reporting in managed care . |
| LHC Group, Inc. | Chief Accounting Officer | 2019–2020 | Public-company CAO for national in-home healthcare provider; SEC reporting and internal control oversight . |
| Various private/public companies | Finance, accounting, compliance roles | Not disclosed | Progressive responsibilities across finance, accounting, and compliance . |
| PricewaterhouseCoopers LLP | Public accounting (early career) | Not disclosed | Foundation in audit and financial reporting standards . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| PricewaterhouseCoopers LLP | Public accounting (early career) | Not disclosed | Biography indicates he began his career in public accounting at PwC; no board roles disclosed . |
Fixed Compensation
- Base salary and target/actual bonus for Mr. McQuiddy are not disclosed; he is not a “named executive officer” (NEO) in the proxy, so the Summary Compensation Table does not include him .
- Company-wide executive comp design emphasizes pay-for-performance, with annual cash incentives fully at risk and a majority of long-term equity awards performance-based .
Performance Compensation
Program architecture (company-wide, applies to senior executives including NEOs):
| Metric | Weighting | Target | Actual | Payout Impact |
|---|---|---|---|---|
| Adjusted EBITDA (2024 SMBP) | 80% | $103.5M | $100.1M (below threshold) | 0% for this metric . |
| Quality Scorecard: 60-day HH Acute Care Hospitalization | 25% (of Quality 20%) | 14.1% | 13.7% | 200% metric achievement, capped to 150% overall due to EBITDA qualifier . |
| Quality Scorecard: Hospice Revocation | 25% (of Quality 20%) | 6.3% | 5.5% | 200% metric achievement, capped to 150% . |
| Quality Scorecard: HH Patient & Family Experience | 25% (of Quality 20%) | 81.2% | 81.4% | 200% metric achievement, capped to 150% . |
| Quality Scorecard: Hospice Patient & Family Experience | 25% (of Quality 20%) | 86.2% | 87.1% | 200% metric achievement, capped to 150% . |
| 2024 SMBP result (company program) | — | — | — | 30% formulaic reduced to 25% via negative discretion . |
2025 SMBP program changes (alignment to financials and retention):
- Financial: Adjusted EBITDA 50%, Revenue Growth 30%; Quality Scorecard 10%; People metric (Voluntary Turnover Reduction) 10%. Revenue Growth, Quality, People payouts capped by the Adjusted EBITDA payout level .
Long-term incentives (company-wide design):
- PSUs: performance metrics are Adjusted Free Cash Flow per Share (multi-year construct) and relative TSR vs S&P Healthcare Services Select Industry Index; 2024 PSU weighting 80% FCFPS, 20% rTSR; 2025 PSU weighting 60% FCFPS (one-year 2025 goal plus 2026 growth goal; 2027 vest) and 40% rTSR (3-year) .
- RSUs: time-based vesting, one-third each year over 3 years; recipients have no voting rights until vest .
Equity Ownership & Alignment
| Policy/Item | Details |
|---|---|
| Beneficial ownership (individual) | Not disclosed for Mr. McQuiddy in the Security Ownership table (table lists director nominees and NEOs; executives as a group shown) . |
| Stock ownership guidelines | Executive management has 5 years to meet guidelines; categories disclosed: CEO 5x salary; CFO 3x; Other NEOs 1.5x salary. Specific CAO multiple not enumerated; guidelines apply broadly to executive management . |
| Anti-hedging/pledging | Insider Trading Policy prohibits hedging, short sales, holding stock in margin accounts, and pledging; mitigates misalignment and selling pressure risk . |
| Clawbacks | Dodd-Frank compliant clawback for excess incentive-based comp after restatements (3-year lookback), plus supplemental policy for misconduct enabling recoupment/cancellation of time- and performance-based awards and gains from option exercises . |
| Equity plan features | 2025 Plan prohibits option/SAR repricing without shareholder approval; double-trigger change-in-control equity treatment; no dividends/dividend equivalents on options/SARs; director annual limit $750k . |
Employment Terms
| Term | Mr. McQuiddy |
|---|---|
| Role/title | Senior Vice President and Chief Accounting Officer . |
| Start date | August 2024 . |
| Contract term | Not disclosed. |
| Severance/CoC | Company maintains Executive Severance Plan and Executive Change in Control Benefits Plan; NEO multiples disclosed; program features include double-trigger equity vesting under CoC, lump-sum severance based on salary and average bonus for CoC, benefit continuation, and restrictive covenants equal to benefit continuation period. No tax gross-ups. Mr. McQuiddy’s specific multiplier is not disclosed . |
| Restrictive covenants | Noncompetition, nonsolicitation, nondisclosure, nondisparagement required to receive benefits; duration tied to benefit continuation periods . |
Compensation Structure Notes (Program-Level)
| Topic | Detail |
|---|---|
| Annual incentive (SMBP) | 100% at-risk; financial and quality metrics; 2024 payout 25% of target driven by quality beats but EBITDA miss; company-wide design used for senior management . |
| LTI mix | Majority performance-based via PSUs; RSUs for retention and ownership . |
| Peer group for pay benchmarking | 16-company healthcare services peer set (Addus, Amedisys, Aveanna, Cross Country Healthcare, DocGo, InnovAge, LifeStance, ModivCare, National HealthCare, P3 Health Partners, Pediatrix, Premier, The Ensign Group, The Pennant Group, U.S. Physical Therapy, American Oncology Network). Adjusted in 2024 to align closer to revenue median . |
| Say-on-pay | 2024 approval >88% of shares voting (excluding broker non-votes) . |
Performance Compensation – PSU Metric Structure
| Metric | Weight | Measurement Window | Notes |
|---|---|---|---|
| Adjusted Free Cash Flow per Share (2024 PSU) | 80% | Average of three one‑year goals (2024–2026) | Annual goals set each year; vest after performance period . |
| Relative Total Shareholder Return (2024 PSU) | 20% | 3-year cumulative vs index | S&P Healthcare Services Select Industry Index comparator . |
| Adjusted FCFPS (2025 PSU) | 60% (30% one-year 2025; 30% 2026 growth over 2025) | 2025–2026 goals; vest in 2027 | Transitioned towards longer-term goal setting . |
| Relative TSR (2025 PSU) | 40% | 3-year cumulative | Increased weighting to reinforce market-relative outcomes . |
Track Record, Value Creation, and Execution Risk
- Company outcomes (2024): net revenue $1,034.8M; Adjusted EBITDA $100.1M (+2.6% YoY); SMBP paid 25% of target; quality metrics materially exceeded national averages; voluntary debt reduction $40M .
- Pay-versus-performance: CAP declined with TSR lagging peers (company $34.34 vs peer $107.05 from July 1, 2022 base by 2024), reflecting market valuation pressure; EBITDA improved modestly .
Investment Implications
- Alignment: Strong governance features—no hedging/pledging, robust clawbacks, double-trigger CoC equity—reduce misalignment and trading-pressure risks; RSU vesting promotes retention, while PSU metrics (FCFPS and rTSR) tie outcomes to cash generation and market-relative performance .
- Retention risk: Specific severance/CoC economics for the CAO are undisclosed; however, company plans and restrictive covenants indicate structured retention tools without tax gross‑ups; absence of disclosed personal equity ownership reduces visibility into “skin-in-the-game” for Mr. McQuiddy .
- Execution focus: CAO oversight of reporting and controls is core in a period of EBITDA improvement but TSR underperformance; 2025 SMBP adds Revenue Growth and People metrics, increasing emphasis on growth and talent stability—key levers for valuation rerating and operational reliability .
Note: We searched for Item 5.02 8-K disclosures regarding Mr. McQuiddy’s appointment and compensation terms but did not find a relevant filing in the available catalog. If needed, we can expand the search window or query Form 4 insider transactions when available .