Michael Schreck
Executive Vice President and General Manager, Veterinary Software and Services, Corporate Accounts and Customer Experience at 
IDEXX LABORATORIES INC /DE
IDEXX LABORATORIES INC /DEExecutive
About Michael Schreck
Executive Vice President and General Manager, Veterinary Software and Services, Corporate Accounts and Customer Experience at IDEXX since January 2024; joined IDEXX in July 2020 and previously led Veterinary Software and Services (VSS). Age 57; BA in Political Science (BYU) and MBA (Harvard) . In 2024, IDEXX delivered 6% reported and organic revenue growth and +6% reported EPS (+12% comparable), while the stock declined 26% for the year; Veterinary Software, Services and Diagnostic Imaging recurring revenue (which includes VSS) represented 6% of total revenue and grew ~17% in 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CloudVirga | Chief Executive Officer | 2017–2019 | Led mortgage fintech platform; senior leadership in financial technology |
| Altisource | Senior Vice President (global software and analytics companies) | 2012–2017 | Scaled global software/analytics units |
| IDEXX Laboratories | SVP & GM, Vet Software & Services | 2020–2022 | Led VSS business prior to expansion to Corporate Accounts |
| IDEXX Laboratories | SVP & GM, VSS and Corporate Accounts | 2023 | Expanded remit ahead of EVP promotion |
| Corrective Solutions | Chief Executive Officer | Not disclosed | Prior CEO experience in technology-enabled services |
| General Catalyst Partners | General Partner | Not disclosed | Helped launch Upromise and m-Qube; served on Coremetrics board |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Coremetrics (acquired) | Board member | Not disclosed | Board service at digital analytics company |
Fixed Compensation
| Element | Program design (IDEXX senior executives/NEOs) | Notes |
|---|---|---|
| Base salary | Reviewed annually; targeted within competitive market range | Individual EVP base salaries not disclosed for Mr. Schreck in 2024 |
| Target annual bonus % | CEO: 130% of salary; Other NEOs: 75% of salary | Applies to NEOs; plan also covers other participating senior executives |
| Ownership guideline | Executive Vice Presidents: 4x base salary; 75% net share retention until in compliance | Annual compliance review by Compensation & Talent Committee |
Executive-specific 2024 base salary and target bonus for Mr. Schreck were not individually disclosed; he was not a named executive officer (NEO) in 2024 .
Performance Compensation
| Plan/award | Metric(s) | Weighting | Target/threshold/maximum | Payout/vesting detail |
|---|---|---|---|---|
| Annual performance-based cash bonus (senior executives) | Financial Performance Factor | 60% | Company-set targets | Formula = Base Salary × Target % × (60% Financial + 40% Non-financial). For 2024, NEOs earned 97% of target overall . |
| Non-Financial Performance Factor | 40% | Company-set priorities | Financial factor was 81% of target; non-financial factor 120% → NEOs at 97% overall . | |
| Performance Stock Units (PSUs) – 2024 design | Average annual organic revenue growth | 50% | Threshold 20% payout; Target 100%; Max 200% | Three-year performance period; cliff vest post performance certification . |
| Average annual comparable operating profit growth | 50% | Threshold 20% payout; Target 100%; Max 200% | Metrics chosen to incentivize sustained profitable growth . | |
| Long-term incentive mix (2024) | Stock options | — | — | For senior executives other than the CEO: 50% options; 25% PSUs; 25% time-based RSUs; options and RSUs vest ratably over four years; PSUs cliff vest after three years . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Direct common shares owned (post 2/14/2025) | 1,956 shares (beneficially owned following reported transactions) |
| Direct common shares owned (post 2/14/2024) | 786 shares (beneficially owned following reported transactions) |
| Ownership as % of shares outstanding | ~0.002% (1,956 / 81,058,140) as of 3/8/2025 |
| Options outstanding (2/13/2025 grant) | 6,320 non-qualified options; 217 incentive stock options; exercise price $459.76; 10-year term; options vest ratably over four years or single-installment as specified |
| RSUs outstanding (post 2/14/2025 transactions) | New grant: 1,468 RSUs (2/13/2025); RSU tranches remaining after 2/14/2025 vesting: 117, 338, 903 units across prior grants; RSUs vest in four annual installments |
| Insider trading/transactions (2024) | 2/14/2024: RSU conversions (M): 80, 118, 170 shares; disposition coded F: 117 shares at $560.56; holdings after: 786 shares |
| Insider trading/transactions (2025) | 2/14/2025: RSU conversions (M): 80, 117, 791, 170, 301 shares; disposition coded F: 441 shares at $444.53; holdings after: 1,956 shares |
| Stock ownership guidelines | EVPs: 4x salary; executives must retain at least 75% of net shares from vesting/exercise until guideline met . |
| Hedging/pledging | Prohibited: no hedging, no short sales, and anti-pledging policy for executives . |
| Clawback | Robust clawback policy exceeding SEC/Nasdaq requirements; mandatory recoupment on accounting restatement and discretionary recovery of additional compensation for “Big R” restatements . |
Employment Terms
| Topic | Key terms |
|---|---|
| IDEXX start and current role | Joined July 2020 (SVP & GM, VSS); EVP and GM, VSS, Corporate Accounts & Customer Experience since January 2024 . |
| Change-in-control (CIC) vesting – equity | Upon CIC: 25% immediate vesting of time-based equity awards; PSUs: 25% of target vest; if awards not assumed in a transaction, 100% vesting occurs immediately prior to CIC; double-trigger (termination without cause or for good reason within two years) results in full acceleration . |
| CIC cash severance | For senior executives (non-CEO): lump sum = 2x (base salary + average bonus over past three years), plus pro‑rated target bonus to termination date, plus continuation of benefits for two years; no excise tax gross‑ups and 280G cutback to optimize after-tax outcome . |
| “Good reason” definition | Includes material reduction in salary/authority/budget, detrimental relocation (>35 miles), or certain breaches; special provisions exist for some roles; notice and cure periods apply . |
| Non‑CIC severance | Other NEOs (non-CEO) are not entitled to severance outside CIC; (material terms for CEO only are disclosed) . |
Performance & Track Record
| Indicator | Company outcomes relevant to Schreck’s domain |
|---|---|
| 2024 revenue/EPS | Revenue $3.9B (+6% YoY reported/organic); diluted EPS $10.67 (+6% YoY; +12% comparable) . |
| VSS & DI recurring revenue | 6% of total revenue; grew ~17% YoY in 2024 . |
| Share performance | IDEXX share price declined 26% in 2024; option awards granted 2021–2024 were underwater at year-end, aligning executive outcomes with shareholders . |
Compensation Governance (alignment, risk controls, peers)
- 2024 program added PSUs (50% of CEO grant value; for senior executives: 25% PSUs, 25% RSUs, 50% options) to reinforce long-term growth goals and pay-for-performance .
- Annual bonus design uses multiple metrics with capped payouts (200% of target), balancing financial/non-financial objectives; 2024 NEO payout was 97% of target reflecting 81% financial and 120% non-financial factors .
- Equity award grant policy avoids backdating, spring-loading, repricing; minimum one-year vesting; executive stock ownership and retention guidelines enforced .
- Anti-hedging and anti-pledging policies; robust clawback exceeding Nasdaq rules; no single-trigger CIC vesting; no tax gross-ups .
Investment Implications
- Pay-for-performance alignment: Heavy equity mix (options/PSUs/RSUs) and new PSU metrics (organic revenue and comparable operating profit growth) directly tie Schreck’s long-term compensation to IDEXX’s growth and margin expansion, limiting windfalls absent execution .
- Low selling pressure: Form 4 history shows net accumulation of common shares in 2024–2025 with dispositions coded “F” alongside vesting events; beneficially owned shares rose from 786 to 1,956, indicating primarily administrative/tax-related dispositions rather than discretionary selling .
- Retention/CoC economics: Double-trigger CIC protections (2x salary+average bonus, pro‑rated bonus, and equity acceleration) are market-consistent and supportive of retention through cycles without shareholder-unfriendly features (no gross-ups; 280G cutback) .
- Alignment safeguards: 4x salary ownership guideline with 75% net-share retention, anti-hedging/anti‑pledging, and a strong clawback reduce misalignment and reputational risk; compliance monitored annually .