Harvinder Singh
INTEGRA LIFESCIENCES HOLDINGSAbout Harvinder Singh
Harvinder Singh is Executive Vice President & President, International at Integra LifeSciences, joining in October 2022 after 20+ years at Abbott Laboratories, with prior roles at Guidant and Eli Lilly across sales, marketing, strategy, and general management in India, Hong Kong, Shanghai, Tokyo, Singapore, and the U.S.; he holds a BSc in chemistry/biology (Punjab University) and an MBA (University of Indore), and completed HBS’s Advanced Management Program . As of March 31, 2025 he is 58 , with company performance featuring FY2024 GAAP revenue of $1,610.5m, organic revenue down 1.3%, and adjusted EBITDA of $322.3m; PSUs tied to 2024 performance vested at 0%, reflecting operational and quality challenges and organic revenue trends .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Abbott Laboratories | Corporate officer; VP Global Commercial Operations, Vascular | 20+ years | Led global commercial operations in vascular; extensive APAC/international leadership |
| Guidant Corporation | Sales, marketing, strategy, general management | Not disclosed | Commercial and strategic roles across geographies |
| Eli Lilly | Sales, marketing, strategy, general management | Not disclosed | Commercial and strategy experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| APACMed (Japan & APAC) | Board member | Not disclosed | Industry advocacy and regional medtech ecosystem engagement |
| American Medical Devices & Diagnostics Manufacturers’ Association (Japan) | Board member | Not disclosed | Industry representation and policy engagement |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary rate ($) | $492,577 | $550,000 |
| Salary paid ($) | — | $511,088 (prorated actual) |
| Target bonus (% of base salary) | — | 60% |
| Actual bonus paid ($) | — | $264,000 (39.3% plan-funded $129,690 + discretionary $134,310) |
Notes:
- 2024 increase of 11.7% included 5% merit and 6.7% market adjustment tied to relocation to the U.S. in July 2024 .
Performance Compensation
Annual Bonus (STIP) – FY2024 Design and Outcomes
| Metric | Weight | Threshold | Target | Maximum | Actual vs Target | Pool Funding Impact |
|---|---|---|---|---|---|---|
| Revenue | 40% | 96% | 100% | 104% | 99.9% | Contributed to 39.3% pool |
| Adjusted EBITDA | 40% | 93% | 100% | 107% | 82% | Weighed on pool |
| Operating Cash Flow | 20% | 85% | 100% | 115% | 57% | Weighed on pool |
| Overall Pool Funding | — | — | — | — | — | 39.3% of target; NEOs (ex-CEO) received discretionary top-up to 80% to support retention |
Singh’s FY2024 bonus payout: $264,000 (39.3% plan-funded $129,690 plus discretionary $134,310, total 80% of target) .
Long-Term Incentives (LTI) – FY2024 Grants
| Instrument | Count/Target | Terms | Grant-Date Fair Value ($) |
|---|---|---|---|
| RSUs | 23,706 units | Time-based; annual over 3 years | $858,631 |
| Non-qualified Stock Options | 16,493 options | 4-year annual vesting; $36.22 strike | $258,610 |
| PSUs | 14,280 target units | 3-year; metric: annual organic revenue growth | $517,222 |
PSU performance curve:
- Threshold 2% → 50% vest; Target 5.7% → 100%; Max 7% → 150% .
- FY2024 organic revenue growth was (1.3)%; FY2025 vesting for 2022/2023/2024 tranches was 0% .
Option Award Details and Near-Term Vesting
| Vest Date | Exercise Price | Options Vesting (Count) |
|---|---|---|
| 03/10/2025 | $52.87 | 2,189 |
| 03/11/2025 | $36.22 | 4,123 |
| 03/10/2026 | $52.87 | 2,190 |
| 03/11/2026 | $36.22 | 4,123 |
| 03/11/2027 | $36.22 | 4,123 |
| 03/11/2028 | $36.22 | 4,124 |
RSU/RSA Vesting Schedule (Selected)
| Vest Date | Shares Vesting |
|---|---|
| 03/11/2025 | 2,356 |
| 03/10/2025 | 1,180 |
| 10/12/2025 | 11,965 |
| 03/11/2026 | 18,922 |
| 03/10/2026 | 1,216 |
| 03/11/2027 | 2,428 |
Equity Ownership & Alignment
| Ownership Metric | Value |
|---|---|
| Shares owned directly | 1,179 |
| Rights to acquire within 60 days (options/vesting) | 8,501 |
| Total beneficial ownership | 9,680 |
| % of shares outstanding (77,204,646) | ~0.013% (calc. 9,680/77,204,646) |
| Unvested RSU/RSA | 38,067 shares ($863,360 market value at 12/31/2024) |
| Unearned PSUs (subject to performance) | 21,492 shares ($487,439 market value) |
| Options exercisable | 2,189 (at $52.87) |
| Options unexercisable | 23,062 (16,493 at $36.22; 6,569 at $52.87) |
| Stock ownership guidelines | 1x base salary for executive officers; all NEOs currently compliant |
| Hedging/pledging | Prohibited across employees/directors; no pledging allowed |
| Clawbacks | Mandatory recoupment under Rule 10D-1; separate misconduct/fraud policy for awards since 2013 |
Employment Terms
| Provision | Details |
|---|---|
| Employment start date | October 2022 (Executive VP & President, International) |
| Change-in-control (CIC) program | Double-trigger cash payments; renewed for 2025 |
| CIC cash severance | 1.5x base salary + target bonus (lump sum); pro-rata target bonus for year of termination |
| Benefits under CIC termination | Company-subsidized COBRA premiums up to 18 months; up to 12 months outplacement |
| Equity on CIC + qualifying termination | Acceleration of RSAs, options; PSU vesting if termination due to CIC, death or disability per award terms |
| Outside CIC – termination w/o cause or for good reason | No cash severance; no vesting of unvested awards per program terms |
| Restrictive covenants | Non-compete and non-solicit generally for one year post-employment |
| Tax gross-ups | No excise tax gross-ups; “best-pay cap” applies |
Performance & Track Record
| Area | Highlights |
|---|---|
| International growth | CALA region grew 11% in 2024; expanded CUSA capital footprint and consumables usage |
| Portfolio expansion | Duragen Plus and RoHS sensors launch in China; advancing in-China-for-China manufacturing |
| Market model evolution | Transition to direct models in India and Korea; refreshed EMEA distributor strategy |
| Leadership depth | Hires for EMEA, APAC, and CALA strengthened commercial leadership |
Compensation Structure Analysis
- LTI mix emphasizes PSUs (organic revenue growth), RSUs, and options; FY2024 PSU tranches tied to 2024 performance vested at 0%, reinforcing pay-for-performance discipline amid operational challenges .
- Discretionary STIP top-up to 80% for NEOs (including Singh) mitigated retention risk after quality/supply issues; base salary market adjustment supported U.S. relocation alignment .
- Ownership guidelines and anti-hedging/anti-pledging policies enhance alignment and reduce leverage/pledging risks .
Related Party Transactions and Governance
- Anti-hedging/pledging policy in force; robust clawback regime aligned to SEC/Nasdaq standards .
- No related-party transactions disclosed involving Singh; 2024 say-on-pay approval was 98.8%, indicating shareholder support of compensation programs .
Say-on-Pay & Peer Group
- Say-on-Pay approval: 98.8% in 2024 .
- 2024 peer group includes Align Technology, LivaNova, Steris, Masimo, Teleflex, Enovis, Merit Medical, The Cooper Companies, Haemonetics, Globus Medical, West Pharmaceutical, Hologic, QuidelOrtho, Integer Holdings, ResMed; compensation targeted near market median .
Investment Implications
- Alignment: Singh’s realized pay is sensitive to performance (0% PSU vesting for FY2024) with material unvested RSU/option exposure; anti-hedging/pledging and stock ownership guidelines reduce misalignment risks .
- Retention: Discretionary bonus support and two-year cliff RSAs for NEOs (U.S.-based) address engagement post-2023 challenges; Singh’s 2024 RSU/option grants and upcoming vest dates indicate retention hooks through 2027 .
- Selling pressure: Low direct ownership and prohibition on pledging suggest limited collateral-driven selling risk; options/RSU vesting cadence could create periodic liquidity events but are governed by trading windows/pre-clearance .
- CIC risk economics: Double-trigger severance at 1.5x base+target bonus, pro-rata bonus, and equity acceleration present moderate change-of-control costs without tax gross-ups; best-pay cap mitigates 280G exposure .
- Execution: International expansion, direct model transitions, and manufacturing localization are positives; however, quality/system remediation and organic revenue pressure (FY2024) are key execution risks reflected in incentive outcomes .