Joseph Vattamattam
About Joseph Vattamattam
Independent director of Heritage Insurance Holdings, Inc. (HRTG) since April 2014; age 48 as of April 16, 2025. Current President (since Oct 2020) and former CEO (2013–2020) of Healthmap Solutions; prior roles at CareCentrix, WellCare Health Plans, Wachovia Securities, and PwC. Designated Audit Committee “financial expert,” with core credentials in financial analysis, capital markets, and healthcare operations. Tenure on HRTG’s board: ~11 years as of 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Healthmap Solutions | President | Oct 2020–present | Executive leadership in specialty population health management |
| Healthmap Solutions | Chief Executive Officer | Jul 2013–Oct 2020 | Grew and led specialty health management platform |
| CareCentrix, Inc. | VP, Medical Economics; Area VP, Operations | Aug 2010–Jul 2013; Jan 2010–Aug 2010 | Payer economics, operations leadership |
| WellCare Health Plans | Director, Health Services (and prior roles) | Jun 2007–Dec 2009 | Managed care operations |
| Wachovia Securities; PwC | Various roles | N/A (prior to 2007) | Capital markets and financial analysis foundation |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Advent Health Carrollwood Foundation | Director | Jan 2020–present | Non-profit board service |
Board Governance
- Independence: Board determined Vattamattam is independent under NYSE rules .
- Attendance: Met or exceeded 75% attendance of Board/committee meetings in 2024; all directors met the 75% threshold in 2023 .
- Audit Committee financial expert designation (SEC rules) .
- Executive sessions of non-management directors held four times in 2024; one time in 2023 .
Committee assignments and chair roles:
| Committee | 2024 | 2025 |
|---|---|---|
| Audit | Member; designated financial expert | Member; designated financial expert |
| Compensation | Chair | Member (chair transitioned to Paul Whiting) |
| Corporate Governance & Nominating | Not a member | Not a member |
Board structure note: Board size reduced to seven directors for 2025 upon two directors not standing for re‑election, prompting committee composition changes (e.g., Compensation Committee chair moved to Whiting) .
Fixed Compensation
Policy (non-employee directors):
- Annual cash retainer: $125,000; committee member retainer: $2,500; committee chair additional retainer: $5,000; Board chair additional retainer (if non-employee): $20,000; annual restricted stock grant valued at $40,000, vesting on the earlier of one year or immediately prior to the next annual meeting .
Director compensation received (Joseph Vattamattam):
| Year | Cash Fees ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| 2024 | 135,000 | 40,000 | 175,000 |
| 2025 | 135,000 | 40,000 | 175,000 |
Vesting cadence examples for director RS: shares granted in 2024 vest on June 4, 2024; 2025 cycle vests on June 5, 2025, consistent with policy .
Performance Compensation
No performance-based compensation for non-employee directors is disclosed; equity awards are time-based restricted stock under the director program with no performance metrics .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Vattamattam . |
| Non-profit/other boards | Advent Health Carrollwood Foundation (Director since Jan 2020) . |
| Potential interlocks/conflicts | None disclosed for Vattamattam; Compensation Committee interlocks section reports no interlocks among committee members . |
| Related-party transactions | None disclosed for Vattamattam. Note: separate related-party items involve another director’s agency commissions and the Chairman’s family member employment, not involving Vattamattam . |
Expertise & Qualifications
- Audit Committee financial expert; background in financial reporting, risk oversight, and capital markets .
- Deep operating experience in healthcare services and managed care (Healthmap, CareCentrix, WellCare) .
- Board tenure since 2014 provides institutional knowledge; currently independent director .
Equity Ownership
| Metric | 2024 | 2025 |
|---|---|---|
| Beneficial ownership (shares) | 53,596 | 58,510 |
| % of shares outstanding | <1% (star designation) | <1% (star designation) |
| Restricted stock scheduled to vest | 9,662 shares (vest 6/4/2024) | 4,914 shares (vest 6/5/2025) |
| Anti-pledging/hedging policy | Pledging prohibited; hedging requires CFO pre-clearance | Pledging prohibited; hedging requires CFO pre-clearance |
Notes: Insider Trading Policy prohibits pledging and short sales; hedging permitted only with pre-clearance—reducing alignment risks from pledging .
Governance Assessment
- Strengths: Independent status, Audit Committee financial expert designation, multi-year committee service (Audit and Compensation), and consistent attendance (≥75%). Director pay structure is standard and modest (cash + time-based RS), and insider trading policy prohibits pledging, supporting alignment .
- Evolving roles: Transitioned from Compensation Committee Chair (2024) to member (2025) as Board size shrank; appears to be normal rotation as Whiting assumed chair; no adverse disclosure tied to the change .
- Ownership alignment: Holds 58,510 shares (<1%); continues to receive annual director RS ($40k), which vests by the next annual meeting—provides ongoing albeit moderate equity alignment .
- Board environment and potential red flags: No related-party transactions involving Vattamattam. Separate related-party items exist with another director (agency commissions) and Chairman’s family member employment; Board acknowledges independence assessments despite these items . Say-on-Pay support moderated from ~83% in 2023 to ~76% in 2024, suggesting some investor scrutiny of pay programs (applies to NEOs, not directors, but relevant to overall governance sentiment) .
Overall signal: Vattamattam presents as a financially literate, independent director with stable engagement and committee leadership history; no disclosed conflicts. Equity alignment is present but modest, mitigated by anti-pledging policy. Monitoring items include evolving committee leadership and broader shareholder feedback on compensation programs .