Laurie Miller
HAEMONETICSAbout Laurie Miller
Laurie A. Miller, age 52, is Senior Vice President and Chief Human Resources Officer at Haemonetics (since August 2021), with 25+ years in talent management and organizational development. She joined HAE in 2016, rising through HR leadership roles after prior HR leadership at Iron Mountain and earlier roles at Dunkin’ Brands and Shawmut Design & Construction; she holds a B.S. in Business Management (Westfield State College) and an M.S. in Management (Emmanuel College) . During her CHRO tenure, HAE delivered FY2024–FY2025 revenue growth and margin expansion (Adjusted EPS rose from $3.96 to $4.57; adjusted operating margin 21.1% to 24.0%), while one-year FY2025 TSR declined amid macro challenges, reflecting a mixed pay-for-performance environment that still supported strong Say-on-Pay approval (97% in 2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Haemonetics | SVP, Chief Human Resources Officer | Aug 2021–present | Built collaborative, performance-driven culture; led employee-focused initiatives and workplace environment |
| Haemonetics | VP, Human Resources; Senior Director, HR & Talent Management | 2016–2021 | Scaled HR and talent systems during growth and portfolio evolution |
| Iron Mountain Inc. | Director of Human Resources | Feb 2010–Apr 2016 | Led HR for enterprise information management operations |
| Dunkin’ Brands Group Inc. | Various HR roles | Not disclosed | Progressive HR responsibility at global QSR franchisor |
| Shawmut Design and Construction | Various HR roles | Not disclosed | Early-career HR roles at construction management firm |
External Roles
No external public-company directorships or committee roles disclosed for Ms. Miller in HAE’s proxy .
Fixed Compensation
- Ms. Miller was not a Named Executive Officer (NEO) in FY2025; her individual base salary, target bonus %, and actual bonus are not separately disclosed in the proxy .
Performance Compensation
Corporate annual bonus design for executive (non-business unit) leaders (the pool that includes corporate officers such as CHRO) in FY2025 used Adjusted Revenue (60%) and Adjusted EPS (40%); the corporate executive bonus pool funded at 82.3% of target based on results shown below .
| Plan element | Weight | Target | Actual/Result | Payout vs target | Vesting/Timing |
|---|---|---|---|---|---|
| Adjusted Revenue | 60% | $1,396.2m | $1,363.8m (76.8% achievement) | Contributes to 82.3% pool for corporate execs | Annual cash bonus (FY2025) |
| Adjusted EPS | 40% | $4.60 | $4.52 (90.5% achievement) | Contributes to 82.3% pool for corporate execs | Annual cash bonus (FY2025) |
Notes:
- Metrics are adjusted for currency and specific items per plan; CSL disposables revenue above plan was excluded from revenue calculations to avoid windfall .
- Long-term incentives: Company-wide executive LTI comprises PSUs (3-year rTSR; 0–200% payout, capped at 100% if absolute TSR negative), stock options (4-year ratable vesting), and RSUs (3-year ratable vesting). For FY2025 grants, PSUs measured vs S&P MidCap 400 components (for FY2026 PSU design, HAE added a three-year average annual organic revenue growth rate metric to supplement rTSR) .
Equity Ownership & Alignment
- Hedging/pledging: HAE’s Securities Trading Policy prohibits pledging and all hedging/similar speculative transactions for directors, officers, and employees (covers CHRO). Trading is restricted to pre-cleared windows, reducing opportunistic or forced selling risk .
- Share ownership guidelines: Policy requires the CEO (5x salary) and other NEOs (2x salary) to meet ownership hurdles within 5 years; all were compliant or within grace period in FY2025 (policy as disclosed specifically references NEOs) .
- Clawbacks: Dual framework—Dodd-Frank-compliant policy and governance principles—permits recovery of short-term and long-term incentives in the event of a restatement due to misconduct or material Code of Conduct violations causing harm .
- Vesting and CIC protections:
- RSUs: time-based, vest ratably over three years; Options: four-year ratable vesting; PSUs: three-year performance period; in a change in control, double-trigger applies—full vesting for time-based awards and pro-rata for PSUs upon qualifying termination; death/disability proration rules apply for PSUs .
- Individual ownership: Ms. Miller’s personal beneficial share ownership and 10b5-1 activity were not disclosed in the proxy (ownership table lists NEOs and directors; CHRO not included) .
Employment Terms
Company program terms for senior executive officers (explicitly disclosed for NEOs; other senior officers commonly follow similar templates, though Ms. Miller’s individual agreement is not separately disclosed):
- Severance (non-CIC): If terminated without cause, severance equals 1x base salary plus 12 months of Company-paid medical/dental premiums for senior executives (CEO: 2x salary and 24 months premiums); pro-rated current-year bonus; outplacement up to 12 months; 280G best-net cutback .
- Change-in-control (double-trigger, within 2 years): 2x (CEO: 2.99x) salary + target bonus in a lump sum; 24 months (CEO: 36 months) of Company-paid medical/dental/life/disability premiums; outplacement; immediate/full vesting of time-based awards and pro-rata vesting of PSUs; 280G best-net cutback .
- Non-compete/non-solicit: Required under severance/CIC agreements (durations not specified in the proxy) .
- Trading/insider rules: Mandatory pre-clearance and windowed trading as per policy .
- No tax gross-ups: HAE policy avoids excise tax gross-ups; uses best-net approach under 280G .
Performance & Track Record (Context during Miller’s tenure)
| Metric | FY 2024 | FY 2025 |
|---|---|---|
| Revenue ($, GAAP) | $1.309B | $1.361B |
| Adjusted EPS ($) | $3.96 | $4.57 |
| Adjusted Operating Margin (%) | 21.1% | 24.0% |
| TSR – $100 initial (One-year, FY2025) | $74 | — |
| TSR – $100 initial (Three-year to FY2025) | $99 | — |
Selected qualitative highlights relevant to execution risk and value creation:
- Hospital: 12% organic revenue growth in FY2025; product launches and portfolio expansion (e.g., VASCADE MVP XL; TEG 6s Global Hemostasis-HN; Attune acquisition) .
- Plasma: -6% organic revenue amid temporary pullback and CSL transition; continued tech rollouts and share gains ex-CSL .
- Corporate: 290 bps YoY improvement in adjusted operating margin; free cash flow up 23.3% YoY to $144.6m; capital allocation included $700m converts, $1B credit facility, and $225m buybacks for dilution management .
Compensation Structure Analysis (signals for pay-for-performance)
- Cash vs equity mix: Executives have a high proportion of variable and equity-linked pay; RSUs moved to 3-year vesting in FY2024 (retention focus with quicker recognition vs prior 4-year) .
- Metric rigor and discretion: FY2024 and FY2025 bonus plans excluded above-plan CSL North America disposables revenue to avoid windfall payouts; FY2025 corporate pool funded at 82.3% amid mixed macro, indicating meaningful downside sensitivity .
- Long-term orientation: PSUs based on rTSR (0–200%); for FY2026 awards, HAE added a three-year organic revenue growth AAGR measure, strengthening line-of-sight to fundamentals beyond market-relative TSR .
Investment Implications
- Alignment: CHRO falls under officer trading prohibitions (no hedging/pledging), windowed pre-clearance, and robust clawbacks—all supportive of alignment and reduced governance risk .
- Incentive structure: Corporate executives’ FY2025 payout at 82.3% signals balanced downside capture amid macro softness; addition of AAGR to PSUs in FY2026 should improve linkage to operational growth over market beta .
- Retention and change-in-control: Standard double-trigger CIC and 1x severance framework for senior execs (2x for CEO) are market-consistent—sufficient to retain talent without excessive cost; lack of tax gross-ups is shareholder-friendly .
- Data gaps: Ms. Miller’s individual pay, ownership, and selling activity are not disclosed as she is not a NEO; absent Form 4 data in the proxy, quantify insider selling pressure/ownership only after reviewing her Form 4 filings (not included in the proxy set) .