Roy Galvin
HAEMONETICSAbout Roy Galvin
Roy Galvin, age 56, is Executive Vice President and Chief Commercial Officer at Haemonetics (HAE). He joined in October 2022 as President, Global Plasma & Blood Center and was promoted in March 2025 to oversee Global Hospital plus Plasma & Blood Center commercialization . He is a graduate of Portsmouth Polytechnic and spent 25+ years in Medtronic leadership across commercial and marketing roles . Company performance context during FY2025: revenue $1.361B (+4.0% reported; +1.4% organic), adjusted EPS $4.57 (+15.4%), free cash flow $144.6M (+23.3%), and adjusted operating margin 24.0% (+290bps) . Shareholder return was pressured: a $100 investment at FY2025 start fell to ~$74 by March 28, 2025, and the Pay vs Performance table shows HAE’s FY2025 $100 TSR value at $62.60 vs peer group $120.90 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Medtronic plc | SVP Commercial – US Cranial & Spinal Technologies | Not disclosed | Grew Neuroscience & Orthopedic markets, scaled commercial operations |
| Medtronic plc | SVP Commercial Americas – Restorative Therapy Group | Not disclosed | Led regional commercial strategy and growth in RTG |
| Medtronic plc | VP US Sales – Surgical Technologies | Not disclosed | Drove US sales execution in surgical tech |
| Medtronic plc | Director Global Marketing – Neurologic Technologies | Not disclosed | Global product marketing in neurology |
| Xomed Surgical Products; Corin Orthopedics; Biomet; Zimmer | Various roles of increasing responsibility | Not disclosed | Early career progression in orthopedic/surgical devices |
External Roles
No public company directorships or committee roles disclosed for Roy Galvin .
Fixed Compensation
| Metric (FY2025) | Value |
|---|---|
| Base Salary (approved early FY2025) | $495,000 |
| Base Salary increased upon promotion (March 2025) | $550,000 |
| Target Annual Bonus (% of salary) | 75% |
| Actual Bonus Funding (Galvin) | 91.7% of target |
| Actual Cash Bonus Paid | $378,263 (based on $550,000 salary and 91.7% attainment) |
Performance Compensation
FY2025 Short-Term Incentive Plan (Business Unit metrics)
| Metric | Weight | Threshold | Target | Maximum | Actual | Payout |
|---|---|---|---|---|---|---|
| Global Plasma & Blood Center Revenue ($MM) | 60% | $764.5 | $804.7 | $845.3 | $798.0 | 91.7% of target |
| Adjusted Operating Income ($MM) | 40% | $298.8 | $332.0 | $365.2 | $326.6 | 91.8% of target |
| Total Bonus Funding | — | — | — | — | — | 91.7% |
Notes:
- Business unit revenue excludes FX impacts and above-plan North America disposables sales to CSL; adjusted operating income excludes FX and specified non-comparable items .
FY2025 Long-Term Incentives (granted May 17, 2024)
| Award Type | Grant Date | Quantity/Terms | Vesting | Strike | Grant-Date FV |
|---|---|---|---|---|---|
| PSUs (rTSR vs S&P MidCap 400; 0–200% payout; negative TSR cap at 100%) | 5/17/2024 | Target 5,745; Threshold 2,873; Max 11,490 | End of 3-year period (May 16, 2027) | — | Included in $1,286,719 total equity FV |
| RSUs | 5/17/2024 | 2,872 units | Ratable over 3 years, one-third annually from first anniversary | — | Included in $1,286,719 total equity FV |
| Stock Options | 5/17/2024 | 6,313 options | 25% annually over 4 years from first anniversary | $95.73 | $274,986 |
PSU design details:
- rTSR percentiles: <30th=0%; 30–50th=50–99%; 51–80th=100–200% (capped at 200%) .
- Performance period: May 17, 2024–May 16, 2027 .
Multi-Year LTI Grant Values
| NEO | FY2024 LTI Grant Value | FY2025 LTI Grant Value |
|---|---|---|
| Roy Galvin | $800,000 | $1,100,000 |
Realization in FY2025
| Name | Options Exercised (#) | Value Realized ($) | Shares Vested (#) | Value Realized ($) |
|---|---|---|---|---|
| Roy Galvin | 0 | $0 | 1,343 | $114,680 |
Equity Ownership & Alignment
| Item (as of May 27, 2025 or FY2025 YE) | Amount |
|---|---|
| Total Beneficial Ownership (shares) | 10,132; <1% of class |
| Options Exercisable within 60 days | 6,743 |
| Outstanding Stock Options (unexercisable) | 6,313 @ $95.73 exp. 5/17/2031; 3,801 @ $89.16 exp. 5/15/2030; 2,632 @ $83.96 exp. 11/1/2029 |
| Unvested RSUs (count; market value at $63.19 close) | 1,191 ($75,259) from 11/1/2022 grant; 1,496 ($94,532) from 5/15/2023 grant; 2,872 ($181,482) from 5/17/2024 grant |
| Unearned PSUs at target (count; market value at $63.19 close) | 4,486 ($283,470) from 5/15/2023; 5,745 ($363,027) from 5/17/2024 |
| Stock Ownership Guideline (Other NEOs) | 2x base salary; status “Compliant or within 5-year grace period” (aggregate disclosure) |
| Hedging/Pledging | Prohibited for directors/officers/employees under Securities Trading Policy |
Employment Terms
| Term | Detail |
|---|---|
| Employment Start Date | October 2022 (President, Global Plasma & Blood Center) |
| Current Role | EVP, Chief Commercial Officer (effective March 2025) |
| Severance (without cause) | Cash: 1x base salary; benefits continuation ~12 months; pro-rated annual bonus; up to 12 months outplacement; Section 280G cut-or-pay best-net approach |
| Change-in-Control (double trigger within 2 years) | Cash: 2x (salary + target bonus); benefits continuation 24 months; outplacement; immediate vesting of time-based awards; pro-rata vesting of PSUs per greater of actual-to-date or pro rata target; 280G cut-or-pay |
| CIC illustrative amounts (as of FY2025 YE) | Cash $1,925,000; benefits $41,693; in-the-money unvested equity $997,770; other $15,000; total $2,979,463 |
| Severance illustrative amounts (as of FY2025 YE) | Cash $550,000; benefits $14,010; other $15,000; total $579,010 |
| Clawbacks | Governance Principles clawback (misconduct leading to restatement or material harm) + Dodd-Frank compliant recovery policy; incorporated into STI/LTI |
| Non-compete/Non-solicit | Required under severance/CIC agreements; benefits cease and repayment if violated |
| Trading Windows | Mandatory pre-clearance and trading windows; CFO/GC can impose additional restrictions |
Compensation Structure Analysis
- Cash vs equity mix: Galvin’s annual LTI grant value increased from $800k to $1.1M in FY2025, elevating performance-based and equity-aligned pay following his expanded remit .
- STI metrics aligned to controllables: Business unit revenue (60%) and adjusted operating income (40%) with explicit adjustments for CSL disposables above plan and FX to avoid windfalls, yielding a 91.7% payout reflective of near-target execution amid a plasma volume pullback .
- Governance safeguards: Double-trigger CIC, no tax gross-ups, prohibition on hedging/pledging, and robust clawbacks mitigate misalignment risks .
Say-On-Pay & Shareholder Feedback
- FY2024 say-on-pay approval ~97%; investors recommended adding free cash flow to STI and a financial metric to supplement rTSR in PSUs—Committee added FCF to FY2026 STI and a 3-year average organic revenue growth PSU metric for FY2026 .
Performance & Track Record
- Plasma/Blood Center context: FY2025 Global Plasma experienced a temporary pullback; business unit revenue attainment for STI was 91.7%, showing resilient commercial performance despite external headwinds .
- Historical comment: In Q3 FY2023, Galvin noted strong plasma growth (~46% overall in the U.S.) while emphasizing operational scaling to meet demand; margins dependent on product conversions over time .
- Company TSR pressure: FY2025 one-year TSR fell to ~$74 per $100 investment; Pay vs Performance shows HAE $62.60 vs peer group $120.90, underscoring execution risks tied to market conditions and segment mix .
Investment Implications
- Alignment: High proportion of at-risk pay (STI tied to BU results; LTI in PSUs/options/RSUs) and explicit adjustments (CSL disposables, FX) demonstrate pay-for-performance integrity; prohibition on hedging/pledging and stock ownership guidelines support skin-in-the-game, though individual compliance detail for Galvin is disclosed only in aggregate .
- Retention risk: Severance is moderate (1x salary) and CIC economics are market-normal (2x salary+bonus, double trigger), with meaningful unvested equity across RSUs/PSUs/options providing retention via future vesting and performance outcomes; no pension or gross-ups reduces entrenchment risk .
- Trading signals: No option exercises in FY2025 and limited RSU vesting realized indicate minimal recent selling pressure; beneficial ownership is small (<1%) but consistent with NEO levels in mid-cap medtech, with upcoming vesting and PSU outcomes as catalysts .
- Execution watchpoints: Plasma collection volumes and China conditions affected FY2025; with Galvin now overseeing combined Hospital plus Plasma & Blood Center commercialization, sustained performance against FY2026 FCF and new PSU growth metrics will be key to compensation outcomes and equity realization .