Bradley Campbell
AMICUS THERAPEUTICSAbout Bradley Campbell
Bradley L. Campbell (age 49) is President & CEO of Amicus Therapeutics (FOLD) and has served as a director since June 2018; he became CEO effective August 1, 2022. He holds a B.A. in Public Policy Studies from Duke University and an M.B.A. from Harvard Business School . Under his leadership, Amicus achieved FDA approval and U.S. launch of Pombiliti + Opfolda for late-onset Pompe disease in 2023 and reported full-year non-GAAP profitability in 2024, with the 2024 corporate bonus multiplier set at 108% for exceeding corporate goals . In 2024, his base salary represented ~9% of total direct compensation and ~84% was long-term incentives, consistent with a pay-for-performance structure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amicus Therapeutics | President & CEO (PEO from Aug 1, 2022) | Aug 2022–present | Led commercial execution; oversight through FDA approval and U.S. launch of Pombiliti + Opfolda . |
| Amicus Therapeutics | President & COO | Jan 2015–Aug 2022 | Led global commercialization of Galafold and key G&A/R&D functions . |
| Amicus Therapeutics | Chief Operating Officer | Dec 2013–Jan 2015 | Promoted after two years as Chief Business Officer to scale operations . |
| Amicus Therapeutics | Chief Business Officer | ~2011–Dec 2013 | Corporate development, set stage for later commercial build . |
| Amicus Therapeutics | Various roles | 2006–2011 | Early commercial and BD leadership during company growth . |
| Genzyme; Bristol‑Myers Squibb; Marakon Associates | Commercial/BD; Strategy Consultant | Pre‑2006 | Biopharma commercial and strategy experience; foundational industry expertise . |
External Roles
| Organization | Role | Years | Notes/Impact |
|---|---|---|---|
| Biotechnology Innovation Organization (BIO) | Board member | Current | Industry leadership and policy engagement . |
| Duke‑Margolis | Advisory Board member | Current | Health policy/market access insights . |
| National Tay‑Sachs & Allied Diseases Association | Corporate Advisory Board | Current | Rare disease advocacy network . |
| Progenics Pharmaceuticals (PGNX) | Director | 2016–2020 | Served until acquisition by Lantheus; oncology imaging exposure . |
| Gennao Bio; ARYA Sciences Acquisition Corp III | Director | Prior | Early-stage/IPO/SPAC experience . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary at Dec 31 | $700,000 | $770,000 |
| Target Annual Bonus % of Base | 75% | 75% |
| Corporate Bonus Multiplier | 108% | 108% |
| Actual Annual Bonus Paid ($) | $706,650 | $623,700 |
Notes: CEO bonus is based solely on corporate objectives (no individual multiplier). For 2024 this equated to ~81% of base salary .
Performance Compensation
Annual Cash Incentive (2024)
| Metric | Target | Actual/Achievement | Payout |
|---|---|---|---|
| Corporate Objectives (Company-wide) | 100% | 108% corporate multiplier for 2024 based on exceeding goals | $623,700 cash bonus (81% of $770k base) |
CEO’s bonus determined solely by the corporate multiplier, reflecting CEO’s direct influence on overall company performance .
Long-Term Incentive Grants (2024) – Grant Date Fair Value
| Instrument | 2024 Grant Value ($) |
|---|---|
| Stock Options | $2,233,333 |
| RSUs | $2,233,321 |
| PRSUs | $2,233,321 |
| Total LTI | $6,699,975 |
LTI mix is 1/3 options, 1/3 RSUs, 1/3 PRSUs to balance retention and performance alignment, with PRSUs tied to relative TSR and strategic pipeline and revenue goals .
PRSU Outcomes (2019–2022 Grant Cycle paid in 2024)
| PRSU Goal (2022 grant) | Payout vs Target |
|---|---|
| Relative TSR | 100% |
| Pompe goal | 100% |
| People & Culture | 100% |
| Profitability | 74% |
| Pipeline | 25% |
| Weighted Blended Payout | 88.6% of target |
Vesting Schedule Highlights
- 2025/2026 PRSUs: Subject to continued service and goal attainment, PRSUs vest on December 31, 2025 (2024 grants) and December 31, 2026 (2025 grants) .
- Options have 10-year max terms; specific expiration dates detailed below .
Equity Ownership & Alignment
Beneficial Ownership (as of April 12, 2025)
| Holder | Shares Beneficially Owned | % of Outstanding |
|---|---|---|
| Bradley L. Campbell | 2,049,766 | <1% (of 307,923,069) |
Stock ownership guidelines require the CEO to hold stock equal to 4x base salary; all NEOs and directors have met or are on track to meet guidelines. Hedging, pledging, short sales, and margin are prohibited .
Outstanding Equity Awards (Dec 31, 2024) – Selected Excerpts for Campbell
| Award Type | Key Terms | Quantity/Value |
|---|---|---|
| Options (exercisable) | $12.28 exp 6/1/2025 | 67,100 |
| Options (exercisable) | $9.03 exp 1/4/2026 | 100,000 |
| Options (exercisable) | $6.10 exp 6/15/2026 | 75,000 |
| Options (exercisable) | $5.13 exp 1/3/2027 | 103,578 |
| Options (exercisable) | $15.67 exp 1/3/2028 | 56,329 |
| RSUs (unvested) | Various grants | 14,405; 77,357; 52,303; 127,227; 153,810 units; MV $135,695; $728,703; $492,694; $1,198,478; $1,448,890 |
| PRSUs (outstanding) | Performance-based | 25,445; 8,483; 50,890; 84,817; 30,762; 46,143; 76,905 units; MV $239,692; $79,910; $479,384; $798,976; $289,778; $434,667; $724,445 |
Note: Market values calculated at $9.42 closing price on 12/31/2024 per proxy methodology .
2024 Realizations and Trading Mechanics
| Item | Amount |
|---|---|
| Options Exercised (shares) | 122,900 |
| Value Realized on Exercise ($) | $271,087 |
| Shares Vested (RSUs/PRSUs) | 288,660 |
| Value Realized on Vesting ($) | $3,329,110 |
| Trading Plans | Executives must use 10b5‑1 plans; cooling-off and window controls enforced |
Implications: Large 2024 vesting and some option exercises suggest periodic liquidity needs, but policy-mandated 10b5‑1 plans reduce opportunistic sale risk .
Employment Terms
CEO Employment Agreement (Severance/CoC)
- Term: Continuous until notice; standard cause/good reason definitions .
- Termination without cause (no CoC): 18 months’ base salary, 150% of target bonus, 18 months Company-paid COBRA; 18 months acceleration for options/RSUs and pro-rata acceleration for PRSUs scheduled within 18 months .
- CoC within 12 months + termination without cause or resignation for good reason (double trigger): 2x base salary over 24 months, 200% of target bonus, 24 months COBRA; full acceleration of all remaining unvested options and restricted stock .
- Death/disability: COBRA subsidy up to 12 months .
- Non-compete/non-solicit: 12 months post-termination for NEOs .
Quantified Potential Payments (as of Dec 31, 2024)
| Scenario | Salary Cont. ($) | Bonus ($) | Benefits ($) | Equity Accel – RSU/PRSU ($) | Options ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination without Cause (no CoC) | 770,000 | 866,250 | 59,251 | 4,478,456 | 27,608 | 6,201,565 |
| CoC + Qualifying Termination | 1,540,000 | 1,155,000 | 79,001 | 7,051,313 | 27,608 | 9,852,922 |
| CoC (no termination) – RSU vesting value | — | — | — | 4,004,461 | — | 4,004,461 |
Clawback: Company maintains a clawback policy; repricing of options/SARs prohibited without stockholder approval .
Board Governance & Service
- Board Service: Director since 2018; not independent; not assigned to board committees given executive status .
- Board Structure: Independent Chairman (Michael G. Raab) since March 4, 2024; prior Executive Chairman (John F. Crowley) departed March 2024, reducing dual-role concerns .
- Independence: Majority of board is independent per Nasdaq rules .
- Attendance: In 2024, the board held 6 meetings and committees 22; overall attendance was 98%, with every director at ≥75% .
- Director Pay: CEO receives no additional compensation for director service .
Say-on-Pay & Peer Group
- Say-on-Pay: ~97% approval at the 2024 annual meeting .
- Pay Philosophy: Targets around the 50th percentile of the peer group at target performance; independent consultant Pay Governance engaged; no conflicts found .
- Governance Practices: Double-trigger severance for executives; prohibitions on hedging/pledging; ownership guidelines .
Performance & Track Record (select highlights)
- FDA Approval: Secured U.S. approval and launched Pombiliti + Opfolda for LOPD in 2023; immediate commercial rollout with stated ~$1B peak potential in materials furnished to investors .
- Profitability Milestone: Company achieved full-year non-GAAP profitability in 2024 (noted in CFO evaluation) .
- Corporate Execution: 2024 corporate goals exceeded (108% corporate multiplier), underpinning annual cash incentive outcomes .
Compensation Structure Analysis (signals)
- Equity-heavy mix (84% LTI for CEO) with PRSUs tied to relative TSR, pipeline and revenue goals indicates strong performance alignment; 2022 PRSUs paid below target at 88.6%, reflecting balanced rigor (underperformance on Pipeline/Profitability goals) .
- Fixed vs variable: Base salary increased 10% to $770k in 2024 (market alignment), but base remained ~9% of TDC, keeping emphasis on at-risk pay .
- No hedging/pledging; ownership guidelines at 4x salary; no tax gross-ups except relocations; no option repricing without shareholder approval—supportive of investor-friendly posture .
Equity Ownership & Alignment (additional detail)
- Beneficial ownership <1% suggests modest personal stake by percentage, though balanced by strict ownership guidelines and significant unvested equity exposure (RSUs/PRSUs) .
- 10b5‑1 trading plan mandate and cooling-off reduces timing risk in insider sales; 2024 vesting magnitude ($3.33M) and option exercise activity ($271k realized) could contribute to periodic selling pressure around vest dates .
Employment Terms (retention and CoC economics)
- Robust double-trigger CoC protection (2x salary and 200% target bonus, full equity acceleration) supports retention through strategic alternatives; RSUs’ single-trigger vesting at CoC (absent termination) increases potential transaction costs/dilution .
- Non-compete and non-solicit covenants (12 months) provide post-termination protections but are standard for industry .
Investment Implications
- Alignment: High proportion of performance-contingent pay (PRSU/option mix; 84% LTI) and strong governance (no hedging/pledging; 4x CEO ownership guideline) align management with shareholders, though CEO’s beneficial ownership is <1% of shares outstanding .
- Execution Catalyst: Achieving FDA approval and launching Pombiliti + Opfolda alongside 2024 non-GAAP profitability underpins credibility on revenue/profit targets—supportive for medium-term value creation and bonus/PRSU outcomes tied to revenue/TSR .
- Overhang/Pressure: Material vesting cadence and option exercises (2024 vest $3.33M; exercises 122.9k shares) can create episodic supply; however, 10b5‑1 controls mitigate timing risk .
- Change-of-Control Math: Double-trigger cash and full equity acceleration (and RSUs’ single-trigger vesting on CoC) imply meaningful transaction-related payouts; investors should factor these into M&A scenarios and potential dilution/overhang .
- Governance Comfort: CEO is not Board Chair; majority independent board, strong attendance, and high say‑on‑pay support (97%) reduce governance risk signals .