Gregoire Ramade
InogenAbout Gregoire Ramade
Gregoire Ramade, 55, is Executive Vice President and Chief Commercial Officer at Inogen (INGN). He joined in November 2023 as SVP of International Sales and was elevated to CCO effective January 2, 2024; he holds a B.A. in International Business (American University of Paris) and an MBA in International Business & Marketing (École des Ponts et Chaussées School of International Management) . Company performance in 2024 (during his tenure) included revenue of $335.7M (+6.4% YoY), gross margin 46.1% (up from 40.1%), net loss improved to $35.9M (from $102.4M), and Adjusted EBITDA of -$9.5M (vs. -$37.8M in 2023), driving 200% payout of the annual bonus plan; the company’s pay-versus-performance table reports a 2024 company TSR value of $13.42 for a fixed $100 investment benchmark .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inogen | SVP, International Sales; EVP, Chief Commercial Officer | Nov 2023–Jan 2024; Jan 2024–present | Global commercial leadership across respiratory portfolio and international growth |
| Vapotherm, Inc. | VP International Sales & Worldwide Marketing; SVP & Chief Commercial Officer | 2016–Oct 2023 | Led worldwide marketing and commercial strategy at advanced respiratory therapy company |
| Becton Dickinson Medical-Pharmaceutical Systems | VP Global Marketing & Business Development | 2013–2016 | Led global commercial strategy in med-pharma systems |
| Philips Healthcare | Senior Marketing Director, Home Healthcare Solution | 2010–2012 | Drove home healthcare product marketing |
| Philips Respironics | Marketing Director EMEA; Product Manager (Consumable Masks & Accessories) | 2004–2009 | Regional marketing leadership in respiratory consumables |
External Roles
No external public-company board roles disclosed; biography lists operating roles at medical device and healthcare companies .
Fixed Compensation
| Item | 2024 Value | Notes |
|---|---|---|
| Base Salary (EUR) | €364,000 | Per employment agreement addendum effective Jan 2, 2024 |
| Target Bonus % | 60% of base salary | Annual cash incentive target; quarterly target guaranteed at 50% of gross annual base salary for first two quarters following Nov 2023 hire |
| Actual 2024 Bonus | €437,000 | Paid at 200% of target based on plan funding |
| 2024 Salary (USD reported) | $386,778 | As shown in Summary Compensation Table |
Performance Compensation
| Metric | Weighting | Threshold | Target | Maximum | Actual | Payout Mechanics |
|---|---|---|---|---|---|---|
| Revenue | 50% | $310.9M | $327.2M | $335.4M | $335.7M | Plan funded at 200% of target for revenue |
| Adjusted EBITDA | 50% | -$19.5M | -$18.6M | -$15.5M | -$4.9M | Plan funded at 200% of target for Adjusted EBITDA |
| Annual Cash Incentive | — | — | 60% of salary | 200% of target | €437,000 | CCO payout reflects 200% funding; committee retained discretion but funded at 200% |
Notes:
- Company-level outcomes for 2024 led to aggregate plan funding at 200% of target for NEOs .
- In 2024, the company aligned long-term incentives to relative TSR for performance-based RSUs; target payout set at 60th percentile in 2024 awards and 75th percentile for 2025 awards (plan-level design) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 18,623 common shares held (excludes unvested RSUs vesting beyond 60 days) |
| Vested vs. Unvested | Unvested time-based RSUs: 63,131; vest over 3 years (1/3 annually) with vesting commencement Dec 1, 2023 |
| Options | None; no NEO stock options outstanding as of Dec 31, 2024 |
| Pledging/Hedging | Prohibited under insider trading policy; no pledging allowed |
| Ownership Guidelines (EVPs) | Minimum 3× base salary; 5-year compliance window from appointment |
Employment Terms
| Term | Provision |
|---|---|
| Appointment | SVP International Sales (Nov 2023), CCO effective Jan 2, 2024 |
| Base + Bonus Target | €364,000 base; target annual cash incentive 60% of base; quarterly target guaranteed at 50% of gross annual base salary for first two quarters post-hire |
| Severance (no CIC) | 12 months of base salary continuation; COBRA-equivalent/taxable monthly payments per policy (general NEO terms) |
| Severance (CIC window) | 24 months of base salary continuation if terminated without cause or resigns for good reason within CIC period; COBRA-equivalent/taxable monthly payments per policy (general NEO terms) |
| Change-in-Control Equity | Double-trigger for employees: if successor does not assume, awards may vest; if assumed, full vesting upon involuntary termination within 12 months; performance awards deemed achieved at 100% of target upon qualifying termination in CIC window (non-employee directors single-trigger) |
| Potential Payments (as of 12/31/2024) | Termination without cause/good reason (no CIC): $364,000; with CIC: $728,000; accelerated vesting value in CIC termination: $578,911 |
| Good Reason | Defined to include substantial diminution of duties, ≥10% reduction in base/bonus opportunity, non-payment of compensation; cure and notice procedures apply |
| Clawback | Nasdaq-compliant clawback policy adopted Oct 2, 2023 for executive incentive-based compensation upon restatement |
| Perquisites | None disclosed for 2024; executives generally receive same health/welfare benefits as other salaried employees |
Investment Implications
- Alignment and retention: Equity mix is primarily RSUs with three-year vesting and double-trigger CIC protection, encouraging retention while limiting windfalls; hedging/pledging bans and EVP ownership guidelines (3× salary, five-year compliance) strengthen alignment with shareholders .
- Near-term selling pressure: No options outstanding reduces expiry-driven selling; recurring annual RSU vesting (1/3 of 63,131 units per year from Dec 1, 2023 schedule) may create periodic liquidity events but is typical for senior commercial roles .
- Pay-for-performance: 2024 incentive plan paid 200% on revenue and Adjusted EBITDA outperformance; future long-term incentives measured on relative TSR (higher target percentile in 2025) increase linkage to shareholder returns, though company TSR remained challenged per pay-versus-performance disclosures .
- Protection and change-of-control economics: Standard severance (12 months base; 24 months in CIC window) and double-trigger equity acceleration balance retention and cost; potential accelerated vesting value in CIC termination was $578,911 as of year-end .