Jeanne Kalvaitis
About Jeanne Kalvaitis
Jeanne L. Kalvaitis is Executive Vice President of Hospice at Enhabit (EHAB), serving since June 2022. She is a registered nurse in Texas and Connecticut with 30+ years of hospice and post-acute leadership, including roles at Compassus (VP Hospice Operations; Divisional VP Clinical Services), Enhabit (VP Clinical Services, 2014–2019), and Vitas Healthcare (multiple leadership roles, 1990–2014). She holds a BSN from the University of Texas at El Paso and a nursing diploma from St. Vincent’s Medical Center School of Nursing; age 68 per 2025 proxy executive officer table. Company performance context during her tenure: 2022–2024 total shareholder return (TSR) declined to $34.34 value of $100 invested (vs. peer group $107.05) and Adjusted EBITDA moved from $149.3m (2022) to $97.6m (2023) to $100.1m (2024). These metrics frame incentive alignment and execution risk for hospice strategy under her leadership.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Enhabit (EHAB) | EVP, Hospice | 6/2022–present | Leads hospice segment; brings >30 years administrative experience to segment leadership. |
| Compassus (Fort Worth, TX) | VP Hospice Operations; Divisional VP Clinical Services | 2019–2021 | Led transition of Ascension at Home hospice agencies post-acquisition by Compassus. |
| Enhabit | VP Clinical Services | 2014–2019 | Segment clinical leadership for post-acute operations. |
| Vitas Healthcare Corporation | VP Operations; VP Business Development; Senior General Manager (prior roles) | 1990–2014 | Senior operating and growth roles across hospice provider. |
External Roles
No public company directorships or external board roles disclosed in the 2025 proxy.
Fixed Compensation
| Year | Base salary rate ($) | Target bonus (%) | Target bonus ($) | Actual bonus paid ($) |
|---|---|---|---|---|
| 2022 | 275,018 | 50% | 137,509 | 29,811 (38.6% plan payout) |
| 2022 salary actually paid ($) | 150,202 (partial-year) |
Notes:
- On hire in June 2022, base salary set at $275,018 with 50% target bonus under the Senior Management Bonus Plan (SMBP). Actual 2022 bonus earned was $29,811.
- She was a Named Executive Officer (NEO) in 2022; not listed among NEOs in 2024, so later-year individual compensation detail is not provided in the 2025 proxy.
Performance Compensation
Annual Incentive Plan (SMBP) – 2022 Results
| Year | Plan/Metric | Weighting | Target | Actual | Payout (as % of target) |
|---|---|---|---|---|---|
| 2022 | EHC Adjusted EBITDA (enterprise) | Not disclosed | Not disclosed | Result contributed 7.2% weighted achievement | 7.2% |
| 2022 | Quality Scorecard – Home Health Quality Stars | 25% (within quality composite) | Not disclosed | 125.0% | 31.3% weighted |
| 2022 | Quality Scorecard – Home Health Patient Satisfaction Stars | 25% | Not disclosed | 140.0% | 35.0% weighted |
| 2022 | Quality Scorecard – Hospice HIS Measures | 25% | Not disclosed | 200.0% | 50.0% weighted |
| 2022 | Quality Scorecard – Hospice CAHPS | 25% | Not disclosed | Not achieved | 0.0% weighted |
| 2022 | SMBP total payout | — | — | — | 38.6% (drives her $29,811 payout above) |
Notes:
- The SMBP combined a financial metric (Adjusted EBITDA) and quality metrics spanning home health and hospice; aggregate payout was 38.6% of target for 2022.
- 2024 program design states continued use of financial and quality of care metrics; detailed 2024 metric outcomes for Ms. Kalvaitis are not disclosed as she was not a 2024 NEO.
Long-Term Incentives (structure)
- For 2024, EHAB LTI structure for officers used performance stock units (PSUs) and time-based RSUs; PSU metrics: three one-year average adjusted free cash flow per share (FCFPS) and 3-year relative TSR versus S&P Healthcare Services Select Industry Index; vest/earn at end of 3-year period. Weighting between FCFPS and rTSR is described, but specific splits are not shown in the disclosed excerpt.
- In 2022, as a mid-year hire, Ms. Kalvaitis did not receive an LTI award; 12/31/2022 outstanding equity table shows no outstanding equity for her.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | Not individually listed in the 2025 beneficial ownership table (which covers directors and NEOs). |
| Outstanding equity (12/31/2022) | No outstanding options/stock awards listed for Ms. Kalvaitis. |
| Stock ownership guidelines | Executive management and non-employee directors must reach guideline ownership within 5 years; guideline examples: CEO 5x salary; CFO 3x; other NEOs 1.5x; applies to executive management generally. |
| Hedging/pledging | Prohibited: no hedging, short sales, holding in margin accounts, or pledging as collateral. |
| Trading plans (Q3 2025) | No director or officer adopted, modified, or terminated a Rule 10b5‑1 or non‑Rule 10b5‑1 trading arrangement in Q3 2025. |
| Share withholding for taxes (Q3 2025) | Company repurchased 33,930 shares to satisfy employee tax-withholding on vesting; indicative of standard withholding practice around vest dates. |
Implication: Governance policies reduce misalignment risk (no hedging/pledging). Lack of personally disclosed outstanding equity in 2022 and absence from 2025 ownership table suggests limited publicly reported equity exposure relative to NEOs; later-year holdings are not disclosed at the individual officer level outside NEOs.
Employment Terms
| Scenario (as of 12/31/2022) | Lump sum cash | Benefits continuation | Accelerated equity | Total |
|---|---|---|---|---|
| Without Cause / For Good Reason | $275,018 | $0 | $0 | $275,018 |
| Disability | $0 | $0 | $0 | $0 |
| Death | $0 | $0 | $0 | $0 |
| Change in Control (double-trigger) | $579,827 | $0 | $0 | $579,827 |
Additional terms and governance:
- Executive Severance Plan: for covered executives, time-based equity vests pro rata; performance equity vests pro rata based on actual results after the full performance period; benefits provided subject to restrictive covenants and release; amounts in lieu of other severance.
- Change in control: Company policy provides double-trigger vesting for equity; no single-trigger vesting.
- Clawback: Dodd-Frank compliant policy (3-year lookback) plus supplemental policy enabling recoupment for misconduct; applies to incentive compensation, including time-based and performance-based awards.
- Anti-hedging/pledging: Prohibited for all insiders, reducing alignment risks.
Investment Implications
- Pay-for-performance alignment: Annual cash incentives include both financial (Adjusted EBITDA) and quality metrics; 2022 plan paid at 38.6% of target, consistent with underperformance in enterprise financials; 2024 LTI ties to FCFPS and rTSR over multi-year horizons, which is appropriate given TSR underperformance vs peers (2024 TSR value $34.34 vs peer $107.05). This design supports long-term alignment though individual officer award details for 2024+ are not disclosed for Ms. Kalvaitis.
- Retention and severance economics: 2022 severance terms for Ms. Kalvaitis (1.0x salary without cause/good reason; $579,827 CIC double-trigger cash) are modest relative to more senior NEO multiples, limiting parachute risk while providing basic protection; equity acceleration is limited by design.
- Insider selling pressure: No 10b5‑1 plan changes in Q3 2025 and anti‑hedging/pledging policies reduce near-term selling risk; company-level tax-withholding repurchases around vest dates are routine and not indicative of discretionary selling.
- Execution risk in hospice: Company-wide PVP shows weak TSR and lower Adjusted EBITDA in 2023–2024 vs 2022; hospice leadership execution remains a lever for recovery. Continued linkage of PSUs to cash flow and rTSR should sharpen focus on capital discipline and relative performance.
Overall: Compensation structures emphasize at‑risk pay tied to financial quality and multi‑year outcomes, with robust clawbacks and trading restrictions. Severance/CIC terms are balanced. Lack of disclosed sizable personal equity as of 2022 reduces “skin-in-the-game” visibility for Ms. Kalvaitis, though broader executive ownership guidelines apply with a five‑year compliance runway.