Simon Harford
AMICUS THERAPEUTICSAbout Simon Harford
Simon Harford, 64, is Chief Financial Officer of Amicus Therapeutics (joined August 2023). He previously served as CFO of Albireo Pharma (2018–Mar 2023), CFO of PAREXEL International, spent eight years at GlaxoSmithKline culminating as SVP Finance, Global Pharmaceuticals, and 20 years at Eli Lilly in senior finance roles (Head of IR, European CFO, Corporate Controller). He holds an MBA from the University of Virginia Darden School of Business . Under the company’s performance disclosures, Amicus achieved ~$458.5M Galafold net sales in 2024, reached full‑year non‑GAAP profitability (GAAP net loss $56M), and set a 108% corporate bonus multiplier, while the 2022 PRSU TSR tranche for the firm finished at the 72.7th percentile versus the NBI but capped at 100% due to negative absolute TSR (−12.1%) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Albireo Pharma | Chief Financial Officer | 2018–Mar 2023 | Led finance through sale to Ipsen S.A. (rare pediatric liver disease) |
| PAREXEL International | Chief Financial Officer | Prior to 2018 | Led financial aspects transitioning from public to PE-owned company |
| GlaxoSmithKline | SVP Finance, Global Pharmaceuticals | ~8 years | Headquarters finance leadership for global pharma business |
| Eli Lilly | Multiple senior finance roles (Head IR, European CFO, Corporate Controller) | ~20 years | US/EU finance leadership and investor relations |
External Roles
- None disclosed in the proxy for current public company directorships or committee roles .
Fixed Compensation
| Metric (USD) | 2023 | 2024 |
|---|---|---|
| Base Salary | $173,077 | $514,423 |
| Target Bonus % of Base | 45% (NEO policy) | 45% |
| Actual Bonus Paid | $111,045 (for 2023 service) | $275,319 (108% corporate x 110% individual) |
| All Other Compensation | $416 | $11,562 (401k match $9,514; HSA $800; life ins $1,248) |
Notes:
- Base salary set at $500,000 at YE 2023 and increased to $515,000 at YE 2024 (+3%) .
- 2024 bonus mechanics: corporate multiplier 108% and individual multiplier 110% for Harford .
Performance Compensation
Annual Cash Incentive (2024)
| Element | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate Multiplier (Company scorecard) | n/a | 100% | 108% | 108% of target | Paid in 2025 |
| Individual Multiplier (CFO) | n/a | 100% | 110% | 110% applied to result | Paid in 2025 |
| Annual Cash Bonus (CFO) | n/a | 45% of $515,000 | n/a | $275,319 | Paid in 2025 |
Key 2024 scorecard outcomes informing the 108% corporate multiplier:
- Galafold net product sales ~$458.5M (141.7% goal attainment) .
- Pombiliti + Opfolda global commercialization progress (87.3% goal attainment) .
- Pipeline progress (84% attainment) .
- Cash/Marketable securities $250M; achieved full‑year non‑GAAP profitability; GAAP net loss $56M; financial goal 113.3% .
- Culture/engagement goals exceeded (104% attainment) .
CFO-specific performance factors supporting 110% individual multiplier:
- Managed to Board-approved budget and streamlined planning/forecasting; delivered full‑year non-GAAP profitability; strengthened P&L via judicious expense management .
Long-Term Incentives (granted 2024)
Standard mix each year: ~1/3 stock options, ~1/3 time‑based RSUs, ~1/3 PRSUs .
| Instrument | Grant Date | Shares / Target | Key Terms |
|---|---|---|---|
| Stock Options | 1/2/2024 | 99,073 | Exercise $14.24; 10‑yr term to 1/2/2034; vest 25% at 1‑yr, then monthly over 36 months |
| RSUs | 1/2/2024 | 57,392 | Vest 25% on each annual anniversary over 4 years |
| PRSUs – TSR | 1/2/2024 | Target 28,696 | 3‑yr perf period; vesting 0–200%; TSR vs NBI with payout schedule; capped at 100% if absolute TSR negative |
| PRSUs – Revenue | 1/2/2024 | Target 17,217 | 3‑yr performance period; 30% weight in PRSU program |
| PRSUs – Pipeline | 1/2/2024 | Target 11,479 | 3‑yr performance period; 20% weight in PRSU program |
PRSU performance metric weights (2024 grants): TSR 50%, Revenue 30%, Pipeline 20% .
Note: Harford did not receive 2022 PRSUs (joined in 2023). Company-wide 2022 PRSUs paid at 88.6% overall, with TSR at 100% (cap due to negative TSR), Pompe 100%, Profitability 74%, Pipeline 25%, People & Culture 100% .
Equity Ownership & Alignment
Beneficial Ownership (as of April 12, 2025)
| Holder | Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Simon Harford | 138,870 (117,790 options exercisable within 60 days + 21,080 shares held) | <1% (as denoted “*”) |
Outstanding Equity (as of Dec 31, 2024)
| Category | Detail | Count/Value |
|---|---|---|
| Options – Exercisable | 12.62 strike; exp 8/21/2033 | 63,012 |
| Options – Unexercisable | 12.62 strike exp 8/21/2033 (126,031) + 14.24 exp 1/2/2034 (99,073) | 225,104 |
| RSUs – Unvested | Hire grant 80,230 (8/21/2023) + annual 57,392 (1/2/2024) | 137,622 |
| PRSUs – 2024 Target | TSR 28,696; Revenue 17,217; Pipeline 11,479 | 57,392 target |
| 2024 Vesting/Exercises | Shares vested (2024): 26,743; Options exercised: 0 | Shares/Value: 26,743 / $323,323; Exercises: 0 |
Alignment/pressure indicators:
- Hedging and pledging prohibited; executives must pre‑clear trades and use 10b5‑1 plans for sales; blackout policies apply .
- Stock ownership guideline: Other executive officers must hold stock = 1x base salary within five years; all NEOs on track .
- As of 12/31/2024, Amicus stock closed at $9.42; Harford’s option strikes are $12.62 and $14.24, implying options were out‑of‑the‑money then (no intrinsic value) and zero option value shown in change‑in‑control option vesting column .
Employment Terms
Severance and Change-in-Control (CIC)
| Scenario (as of 12/31/2024) | Cash Salary Continuation | Bonus | Benefits | Equity Treatment | Total Illustrative Value |
|---|---|---|---|---|---|
| Termination without cause (non‑CIC) | 12 months base ($515,000) | Pro‑rated target ($231,750) | $59,251 | Accelerate equity scheduled to vest within 12 months ($387,077) | $1,193,078 |
| Termination without cause or good reason within 12 months post‑CIC (double‑trigger) | 18 months salary ($772,500) | Full target bonus ($231,750) | $88,877 | All outstanding equity vests; PRSUs at target or > of target/actual ($1,837,032) | $2,930,159 |
Policy terms:
- Non‑compete, non‑solicit, confidentiality and inventions covenants; non‑compete lasts 12 months post‑termination .
- Equity plan CIC: if awards not assumed/replaced, time‑based vesting accelerates at CIC and PRSUs vest at the greater of target or actual; if assumed, double‑trigger acceleration on termination within one year post‑CIC .
- Clawback: Nasdaq‑aligned policy covering financial metrics, non‑GAAP, stock price, TSR; 3‑year lookback; recovery regardless of misconduct .
- No tax gross‑ups (except Company‑required relocation) .
Performance & Track Record (selected 2024 results relevant to CFO)
- Achieved full‑year non‑GAAP profitability; GAAP net loss $56M; ended 2024 with $250M cash, cash equivalents and marketable securities .
- Commercial execution: Galafold net product sales ~$458.5M; PPQ and GMP milestones for Pombiliti + Opfolda; progress on global reimbursement and launches .
- CFO-specific contributions cited for 110% individual multiplier: budget discipline, streamlined planning/forecasting, P&L strengthening .
- Company TSR outcome for 2022 PRSUs (company-wide measure): three‑year absolute TSR −12.1%; ranked 72.7th percentile vs NBI but payout capped at 100% due to negative TSR .
Compensation Structure & Governance Signals
- Equity mix emphasizes at‑risk pay (options, RSUs, PRSUs in equal value thirds). PRSUs weighted 50% TSR / 30% revenue / 20% pipeline, with rigorous vesting and a negative‑TSR cap .
- Peer group and market positioning: target total direct compensation around 50th percentile vs a rare disease/biopharma peer set; peer companies include Acadia, Apellis, Alkermes, Exelixis, Ionis, Ultragenyx, among others .
- Say‑on‑pay support ~97% in 2024; committee uses independent consultant (Pay Governance); policies include double‑trigger equity/severance, anti‑hedging/pledging, stock ownership guidelines, and a clawback .
Equity Award Mechanics (Vesting Schedules)
- Options: 25% after 1 year from grant, remainder monthly over 36 months; 10‑year term; 1/2/2024 grant priced at $14.24 .
- RSUs: 25% per year over 4 years from grant date .
- PRSUs: 3‑year performance period; 0–200% payout; TSR tranche capped at 100% if absolute TSR is negative; 2024 PRSUs vest based on performance through 12/31/2026 .
Investment Implications
- Alignment: Large unvested RSUs/PRSUs and out‑of‑the‑money options at 12/31/2024 ($9.42 close vs $12.62–$14.24 strikes) suggest meaningful long‑term orientation with limited near‑term option exercise pressure; policy prohibits hedging/pledging and mandates ownership guidelines (1x salary within five years for other executives) .
- Retention and CIC dynamics: Double‑trigger CIC severance (18 months salary + target bonus) and full equity acceleration (PRSUs at target or better of target/actual) balance retention with potential take‑private/acquisition considerations; non‑compete and non‑solicit mitigate immediate departure risk .
- Pay‑for‑performance: Annual bonus driven by a transparent corporate scorecard (108%) and individual multiplier (110% for CFO) tied to profitability and fiscal discipline; PRSU weights directly link rewards to TSR and commercial execution (revenue), reinforcing investor‑aligned outcomes .
- Trading signals: 2024 showed RSU vesting (26,743 shares) and no option exercises; with 10b5‑1 plan usage required and options OTM at year‑end, forced selling pressure likely limited to tax‑withholding on RSU vesting rather than discretionary sales .
All data are taken from the Amicus Therapeutics 2025 DEF 14A proxy (filed April 24, 2025). See citations inline.