Vikas Singh
HEALTHCARE SERVICES GROUPAbout Vikas Singh
Vikas Singh is Executive Vice President & Chief Financial Officer of Healthcare Services Group, Inc. (HCSG) since September 3, 2024; he is age 48 and brings two decades of finance, strategy, and operations experience, including roles at Bank of America Securities (Managing Director, Leveraged Finance & Capital Markets), Credit Suisse (Financial Sponsors Group), Citibank (Asia-Pacific Credit Card Group), and GSK Consumer Healthcare (Sales/National Brand Manager) . He holds a BA in Economics (University of Delhi), a PGDM (IIM Calcutta), and an MBA in Accounting & Finance (Chicago Booth) . Company performance in 2024 improved with revenue and net income growth, ROA 4.9%, ROE 7.9%, and ROIC 9.7%; however, HCSG’s total shareholder return (TSR) measured as $54 value of an initial $100 investment vs peer group $164, with net income of $39.5M and income before taxes of $52.9M, framing the pay-for-performance context during Singh’s initial tenure .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bank of America Securities | Managing Director, Leveraged Finance & Capital Markets | More than 5 years | Led leveraged finance/capital markets origination and execution, bringing financing expertise |
| Credit Suisse | Financial Sponsors Group | Not disclosed | Sponsor coverage, deal execution, and capital solutions for PE-backed companies |
| Citibank | Asia-Pacific Credit Card Group | Not disclosed | Regional operating/credit card experience; consumer finance domain knowledge |
| GSK Consumer Healthcare | Sales Management; National Brand Manager | Not disclosed | Commercial leadership and brand management experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No external board/interlock disclosures in 8-K appointment or proxy |
Fixed Compensation
| Item | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $153,846 | Prorated from September 3, 2024 start date |
| Target Bonus % | Not disclosed | Bonus structure based on income before income taxes for Executive Team; CEO capped at 2x salary (context) |
| Actual Bonus Paid (Cash) | $8,334 | 2024 quarterly incentive payout (5% of salary for partial year) |
| Other Cash/Perqs | $3,294 | “All Other Compensation” (auto/insurance contributions) |
Performance Compensation
- Annual incentives for Executive Team are calculated as a percentage of Company income before income taxes; CFO participates with quarterly payouts adjusted for role scope and tenure. CEO payout is formulaic with a 2x salary cap; CFO’s 2024 payout reflected partial-year service .
- Long-term equity (options, RSUs, PSUs) is the primary at-risk component at HCSG; PSUs are tied to 3-year relative TSR vs the S&P MidCap 400 with earn-outs from 0–150% of target (25th percentile=50%, 50th=100%, 75th+=150%) .
| Incentive Type | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive (2024) | Income before income taxes | Not disclosed | Not disclosed | 5% of salary (partial year) | $8,334 cash | Paid quarterly; cash (CFO) |
| PSUs (company framework) | Relative TSR vs S&P MidCap 400 | Not disclosed | 3-year TSR percentiles | Earn-out per table (0–150%) | Company-level earn-outs per program | Vests upon Board certification in 2027 for 2024 grants (period ending 12/31/2026) |
| RSUs (company framework) | Time-based | Not applicable | Not applicable | Not applicable | Not applicable | 20% per year over 5 years |
| Stock Options (company framework) | Time-based | Not applicable | Not applicable | Not applicable | Not applicable | 20% per year over 5 years; typical 10-year term |
Notably, Singh did not receive options, RSUs or PSUs during 2024 (first year of service), concentrating his 2024 compensation in salary and a modest cash incentive .
Equity Ownership & Alignment
| Item | Status | Detail |
|---|---|---|
| Beneficial Ownership (as of Mar 31, 2025) | None disclosed | Security ownership table notes Vikas Singh has no beneficial ownership at the reporting date |
| Ownership % of Outstanding Shares | 0% | Based on 72,916,000 shares outstanding |
| Vested vs Unvested Shares | None | No equity awards outstanding at 12/31/2024 |
| Options (Exercisable/Unexercisable) | None | No option awards outstanding at 12/31/2024 |
| In-the-money Value | None | No awards, therefore no intrinsic value |
| Shares Pledged as Collateral | Not disclosed | No pledging disclosures specific to Singh in proxy/8-K |
| Stock Ownership Guidelines | 2x base salary requirement | New executive officers must meet within 5 years; Singh’s requirement is 200% of salary |
| Compliance Status | Compliant under ramp schedule | Ownership table shows “—%” as of 12/31/2024; policy allows 5 years to reach guideline; all executives remained in compliance with guidelines |
Employment Terms
- No employment agreements for NEOs; no special severance “golden parachutes” or tax gross-ups; no option repricing/backdating .
- Change-of-control treatment: double-trigger for equity vesting (either awards not assumed upon change of control or termination/resignation for good reason after assumption) .
- Clawback policy aligned with Nasdaq/SEC rules; administered by NCSO Committee; no recovery actions in 2024 (no erroneously awarded compensation) .
- Insider trading policy: blackout windows; anti-hedging of Company stock by officers, directors, key personnel .
Investment Implications
- Alignment: Singh’s pay is anchored to Company income before taxes (annual incentive) with equity intended to be a significant at-risk component over time; PSUs (relative TSR) create external performance accountability, and double-trigger vesting and clawbacks reduce pay-for-failure risk .
- Retention/overhang: As of year-end 2024 and the March 2025 ownership snapshot, Singh had no outstanding equity awards and no beneficial share ownership, implying minimal near-term insider selling pressure; equity grants in subsequent cycles would increase long-term retention hooks and alignment as he ramps into guidelines (2x salary within 5 years) .
- Performance backdrop: 2024 showed revenue/net income growth and improved ROA/ROE/ROIC, but TSR remained weak vs peer group; this heightens the importance of execution on profitable growth, capital discipline, and TSR-linked PSU outcomes under Singh’s financial leadership .
- Governance: No employment agreement or special severance provisions, anti-hedging, and a clawback policy collectively lower severance/incentive misuse risks and support shareholder-friendly governance .
Additional Context (Compensation Committee and Peer Benchmarking)
- Shareholder feedback: ~91% say-on-pay approval at the 2024 Annual Meeting supports the current mix of variable and long-term equity compensation (including PSUs) .
- Peer group used for benchmarking includes ABM Industries, Amedisys, AMN Healthcare, Chemed, Clean Harbors, CoreCivic, J&J Snack Foods, Brink’s, Modivcare, and UniFirst, with market data as one input alongside Company-specific factors .
Company Operating Highlights (2024)
-
500 new service agreements; >150 facility ownership changes; >90% client retention; opportunistic share repurchases totaling over $23M since Feb 2023 authorization .