Ankur Dhingra
ILLUMINAAbout Ankur Dhingra
Illumina’s Chief Financial Officer since April 15, 2024; age 49. Chartered Accountant (India) with prior CFO roles at Summit Therapeutics (2022–2024) and CareDx (2021–2022), and 18 years at Agilent including VP Investor Relations and Group CFO roles . During his first year as CFO, Illumina’s 2024 company metrics showed TSR value of $100 at 41.86 vs peer 118.54, Net Income of $(1,223) million, and Core Illumina Revenue of $4,332 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Summit Therapeutics | Chief Financial Officer | 2022–2024 | CFO of biopharma oncology company; joined Illumina bringing growth and margin improvement execution experience |
| CareDx | Chief Financial Officer | 2021–2022 | CFO at transplant-focused diagnostics firm |
| Agilent Technologies | VP Investor Relations | 2019–2021 | Led investor relations; experience influencing growth-oriented strategies |
| Agilent Technologies | Group CFO, Life Sciences & Applied Markets | Pre-2019 (part of 18-year tenure) | Business unit CFO; delivered P&L commitments and margin improvement |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| The Institute of Chartered Accountants of India | Member (Chartered Accountant) | N/A | Professional credential |
Fixed Compensation
| Component | Terms | 2024 Amount |
|---|---|---|
| Base Salary | Annual base salary set at $650,000 (new hire in Q2, no annual increase) | $450,000 paid (partial year) |
| Target Annual Bonus (VCP) | 65% of base salary | Target: $422,500 |
| Actual Annual Bonus (VCP) | Company performance-based; payout prorated for hire date | 66% of target; $279,581 |
| One-time Cash (Make-whole) | $500,000; subject to clawback for certain terminations within 2 years of 4/15/2024 | $500,000 |
| Monthly Stipend (HQ presence) | $15,000 per month until earlier of relocation or Sep 1, 2024 | Up to $15,000/month |
| All Other Compensation | Includes relocation/housing costs of $598,835 | $615,465 total |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Cash (VCP) | Company financial + operational goals (100% company metrics) | N/A | 65% of base salary | 66% of target; $279,581 | Cash paid Q1 2025 |
| PSUs (2024 grant) | Relative 3-year TSR vs Nasdaq Biotechnology Index (rTSR) | Half of PSU grant | 10,502 target shares | Earnout 0–200% of target; not yet determined | Cliff vest Jan 3, 2027 |
| PSUs (2024 grant) | 3-year average Operating Margin (FY 2024–2026) | Half of PSU grant | 10,502 target shares | Earnout 0–200% of target; not yet determined | Cliff vest Jan 3, 2027 |
| RSUs (2024 grant) | Service-based | N/A | 9,003 shares | N/A | 25% per year on each 4/6/2025–2028 anniversary |
Grants of Plan-Based Awards (Fiscal 2024)
| Award | Grant Date | Shares (Target) | Grant Date Fair Value ($) | Key Terms |
|---|---|---|---|---|
| PSU – rTSR | Apr 6, 2024 | 10,502 | 1,735,906 | 3-yr rTSR vs selected Nasdaq Biotech peers; 0–200% payout; vests Jan 3, 2027 |
| PSU – Operating Margin | Apr 6, 2024 | 10,502 | 1,225,018 | 3-yr average operating margin; 0–200% payout; vests Jan 3, 2027 |
| RSU | Apr 6, 2024 | 9,003 | 1,050,117 | 25% yearly vest on grant anniversaries (4 years) |
| Total Make-whole Equity | Apr 6, 2024 | 70% PSUs / 30% RSUs (aggregate $3.5M) | $4,011,041 reported stock awards for 2024 | Make-whole for forfeited Summit awards; PSU terms match March 2024 executive grants |
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Beneficial Ownership (as of Mar 26, 2025) | 2,251 shares | Less than 1% of outstanding |
| Shares Outstanding (for % calc) | 158,263,015 | Company base used for % ownership |
| Ownership % of Outstanding | ~0.0014% (2,251 / 158,263,015) | Calculated from cited figures |
| Unvested RSUs | 9,003 | Vest 25% annually from 4/6/2025–2028 |
| Unearned PSUs – rTSR | 10,502 target shares | Earnout 0–200%; vest 1/3/2027 |
| Unearned PSUs – Operating Margin | 10,502 target shares | Earnout 0–200%; vest 1/3/2027 |
| Stock Ownership Guidelines | Section 16 officer requirement: 1x base salary; compliance within 5 years | Unvested RSUs count toward compliance; PSUs do not |
| 10b5-1/Trading Constraints (while below guideline) | Must retain 100% of net RSU shares; cannot increase shares sold under trading plans | Applies until guideline compliance |
Employment Terms
| Term | Detail |
|---|---|
| Appointment Date | April 15, 2024 (principal financial officer from that date) |
| Offer Economics | Base salary $650,000; VCP target 65% of base; one-time $500,000 cash (clawback up to 2 years); make-whole equity $3,500,000 (70% PSUs; 30% RSUs); $15,000/month stipend until relocation or Sep 1, 2024; eligible for annual equity grants from 2025 |
| Change-in-Control Agreement | Standard non-CEO form; double-trigger (CIC + qualifying loss of employment within 2 years) |
| CIC Economics (hypothetical as of Dec 31, 2024) | 1x salary severance $650,000; 1x cash incentive severance $422,500 (greater of target or last actual); earned compensation $279,581; equity acceleration $4,059,047; perquisites/benefits $53,232; total $5,464,360 |
| Clawback Policy | Amended to comply with Dodd-Frank/SEC/Nasdaq; recovery upon required restatement regardless of fault; officers must acknowledge in writing |
Performance & Track Record
| Metric (2024) | Value |
|---|---|
| TSR – value of $100 investment | $41.86 |
| Peer Group TSR – value of $100 | $118.54 |
| Net Income | $(1,223) million |
| Core Illumina Revenue | $4,332 million |
Investment Implications
- Strong equity alignment but low current ownership (2,251 shares, ~0.0014%); RSUs count towards ownership guideline while PSUs do not, which can delay guideline compliance and restrict selling via 10b5-1 until met, reducing near-term selling pressure from vested RSUs .
- PSU design ties payout to multi-year rTSR and Operating Margin with 0–200% earnout, creating leveraged upside if Illumina executes margin improvement and improves TSR; cliff vesting in Jan 2027 concentrates retention risk and potential supply at vest .
- CIC terms are shareholder-standard (1x salary and bonus; double-trigger) with equity acceleration valued at ~$4.06M as of 12/31/2024, limiting golden parachute risk while ensuring retention in change scenarios .
- 2024 cash incentive paid at 66% of target ($279,581), indicating below-target performance on company metrics during his first year; combined with negative 2024 net income and weak TSR vs peers, pay-for-performance appears intact but highlights execution risk on margin initiatives .