Daniel Lemaitre
Director at GMED
Board
About Daniel T. Lemaitre
Daniel T. Lemaitre, age 71, has served on Globus Medical’s Board since April 2011 and is an independent director with deep medical device operating and finance experience. He holds a B.A. in Economics (Bethany College) and an MBA (Bowling Green State University) and is designated an audit committee financial expert under NYSE rules. He currently serves on the Compensation Committee and Audit Committee; the Board affirmed his independence under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BlueWind Medical (Israel) | Executive Chairman | Sep 2018–Jan 2020 | Led neuromodulation strategy |
| BlueWind Medical (Israel) | Chief Executive Officer | Jan 2020–Sep 2024 | CEO overseeing commercialization of neuromodulation |
| Direct Flow Medical | President & CEO | Not disclosed (most recent prior CEO role) | Led transcatheter heart valve company |
| White Pine Medical | Chief Executive Officer | Jun 2009–May 2015 | Venture-backed medtech startup leadership |
| CoreValve | President & CEO | Apr 2008–Apr 2009 (acquired by Medtronic) | Built percutaneous AVR platform to acquisition |
| Medtronic | Senior Vice President, Corporate Development & Strategy | 2005–Mar 2008 | Led strategic planning and M&A |
| SG Cowen | Managing Director; led healthcare research | 18 years (dates not individually disclosed) | Senior sell-side coverage leadership |
| Merrill Lynch | Investment analyst | 6 years (dates not disclosed) | Medtech equity research |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Endologix | Director; Chair | Not disclosed (prior) | Board leadership in vascular devices |
| Bioventus | Director; Chair | Not disclosed (prior) | Board leadership in orthobiologics |
| CoreValve | Director (prior) | Not disclosed (prior) | Governance during growth phase |
| Mitralign | Director (prior) | Not disclosed (prior) | Structural heart technology oversight |
| Nitinol Development Corporation | Director (prior) | Not disclosed (prior) | Materials/implantable technologies oversight |
Board Governance
- Committee assignments: Compensation Committee member; Audit Committee member .
- Audit Committee financial expert designation: Board determined Lemaitre (and other audit members) meet “audit committee financial expert” criteria; Audit Committee independence affirmed under NYSE Rule 303A.07 .
- Independence: Board affirmed Lemaitre is independent under NYSE listing standards .
- Board and committee activity (2024): Board held 5 regular and 2 special meetings; each director attended at least 75% of Board and committee meetings; Audit Committee held 4 meetings .
- Governance structure: Globus is a “controlled company” (David C. Paul holds >50% voting power) and relies on NYSE exemptions (Compensation and Nominating & Corporate Governance Committees are not comprised solely of independent directors), which reduces standard shareholder protections .
- Lead Independent Director: Role reinstated in February 2025; Jim Tobin named LID; non-management directors meet in executive session at least annually .
Meetings and Attendance (2024)
| Governance Item | 2024 | Notes |
|---|---|---|
| Board meetings (regular) | 5 | Regular sessions |
| Board meetings (special) | 2 | Special sessions |
| Audit Committee meetings | 4 | Standard oversight |
| Director attendance | ≥75% | All directors met threshold |
Fixed Compensation (Non-Employee Director — FY 2024)
| Component | FY 2024 Amount |
|---|---|
| Annual cash retainer | $70,000 |
| Committee membership fees | $20,000 (2 committees × $10,000) |
| Committee chair fees | $0 (not a chair) |
| Meeting fees | $0 (not disclosed) |
| Total cash fees (proxy table) | $90,000 |
Notes:
- Audit Committee Chair fee (not applicable to Lemaitre): $30,000 .
- Health plan participation: any costs are deducted from cash fees to equalize compensation among non-executive directors .
- Expenses: reimbursed for Board service .
Performance Compensation (Equity Awards)
| Equity Award Detail | Jan 2024 Grant |
|---|---|
| Type | Stock option under 2021 Plan |
| Shares granted | 15,000 |
| Exercise price | $53.75 |
| Vesting | Vested in full at 1-year anniversary of vesting commencement |
| Outstanding Options | As of Dec 31, 2024 | Exercisable within 60 days of Mar 31, 2025 |
|---|---|---|
| Total shares subject to outstanding options | 45,625 | — |
| Options exercisable within 60 days | — | 36,875 |
| Director Equity Compensation Mix (FY 2024) | FY 2024 |
|---|---|
| Option awards (grant-date fair value) | $331,524 |
| Total compensation | $421,524 |
No director performance-conditional metrics (e.g., revenue/EBITDA/TSR hurdles) are disclosed for non-employee director equity awards; 2024 options vest solely on time-based terms .
Pay vs. Performance (Company context)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Globus Medical TSR — $100 initial value | $111 | $123 | $126 | $91 | $140 |
| S&P 500 Health Care Equipment Index TSR — $100 initial value | $118 | $141 | $114 | $125 | $138 |
| Net Income (GAAP) | $102,285,000 | $149,191,000 | $190,169,000 | $122,873,000 | $102,984,000 |
| Revenue (GAAP) | $789,042,000 | $958,102,000 | $1,022,843,000 | $1,568,476,000 | $2,519,355,000 |
Other Directorships & Interlocks
| Company | Role | Interlocks/Conflicts |
|---|---|---|
| Endologix | Director; Chair (prior) | No interlocking comp-committee relationships disclosed; none exist per proxy |
| Bioventus | Director; Chair (prior) | No interlocking comp-committee relationships disclosed; none exist per proxy |
| CoreValve; Mitralign; Nitinol Development Corporation | Director (prior) | No interlocking comp-committee relationships disclosed; none exist per proxy |
Proxy explicitly notes no committee interlocks with other companies; executive officers do not serve on boards/comp committees of entities with reciprocal relationships .
Expertise & Qualifications
- Medical device operating experience (CEO roles at CoreValve, White Pine Medical, Direct Flow Medical, BlueWind Medical) .
- Corporate development and strategy leadership at Medtronic; extensive medtech sell-side research background (SG Cowen, Merrill Lynch) .
- Audit Committee financial expert designation by the Board, supporting financial oversight quality .
Equity Ownership
| Ownership Item | Amount/Status |
|---|---|
| Beneficial ownership (Class A common) | 36,875 shares (issuable upon exercise of options exercisable within 60 days of Mar 31, 2025) |
| Percentage ownership | Less than 1% |
| Options outstanding | 45,625 total shares subject to options |
| Shares pledged/hedged | Prohibited by insider trading policy for directors/officers |
Section 16 compliance: Company reports timely filings for FY 2024 except two late Form 4s by Paul and Davidar due to administrative error; no late filings noted for Lemaitre .
Governance Assessment
- Committee effectiveness: Lemaitre’s audit committee financial expert status strengthens oversight of controls, auditor independence, and cybersecurity risk monitoring; Audit Committee met 4 times in 2024, indicating regular engagement .
- Independence and attendance: Board affirmed Lemaitre’s independence; attendance at least 75% across Board/committees suggests adequate engagement .
- Compensation structure for directors: Simple cash retainer plus committee fees and time-based stock options; no performance-linked director compensation metrics, reducing potential misalignment or short-termism risk for directors .
- Controlled company risks — RED FLAG: Globus relies on NYSE controlled company exemptions; Compensation and Nominating/Governance Committees are not entirely independent. The Compensation Committee includes the Executive Chairman, which can introduce perceived conflicts in executive pay oversight and director compensation decisions .
- Hedging/pledging policy: Prohibitions on hedging, holding in margin accounts, or pledging Company stock for directors/officers support alignment and reduce counterparty risk .
- Board leadership: Reinstatement of Lead Independent Director in Feb 2025 (Jim Tobin) is a positive governance signal, providing a liaison and leadership for executive sessions of non-management directors .
Overall: Lemaitre brings substantial medtech operating and financial expertise and is designated a financial expert, supporting board effectiveness. The primary governance concern is Globus’s controlled company status and the presence of a non-independent executive on the Compensation Committee, which may reduce investor protections and is a structural red flag for pay oversight despite Lemaitre’s independent status .