Teresa Sparks
About Teresa Sparks
Teresa Sparks, 56, is an independent Class II director of InnovAge Holding Corp. (INNV) and Chair of the Audit Committee. She joined the Board in August 2023; her current term expires at the 2025 annual meeting and she is nominated to serve through 2028. Sparks is a CPA (inactive) with deep healthcare CFO experience; she holds a B.S. in Accounting and Business Administration from Trevecca Nazarene University. She previously served as EVP & CFO of Envision Healthcare, interim CFO at Brookdale Senior Living, and EVP & CFO of Surgery Partners after Symbion’s acquisition; she began her career at Deloitte.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Envision Healthcare | EVP & CFO | Oct 2018 – Aug 2020 | Senior finance leadership at a physician-led/post-acute provider |
| Brookdale Senior Living | Interim CFO | Not disclosed (prior to Envision) | Interim finance leadership at senior living operator |
| Surgery Partners (acquired Symbion) | EVP & CFO | Until Jan 2018 | Public healthcare services CFO; prior SVP & CFO at Symbion |
| Symbion, Inc. | Various incl. SVP & CFO | Not disclosed (prior to Nov 2014 acquisition) | Finance leadership pre-acquisition |
| Deloitte | Auditor | Early career | Public accounting foundation |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ATI Physical Therapy, Inc. (NYSE: ATIP; taken private 2025) | Director; Audit Committee member; Chair, Healthcare Compliance Committee | 2021 – 2025 | Served until company taken private in 2025 |
| Harrow Health, Inc. (Nasdaq: HROW) | Director; Chair, Audit Committee | 2020 – June 2024 | Audit oversight for ophthalmic pharma company |
| Valtruis (private) | Board member/advisor | Not disclosed | Advisor focused on advancing value-based care |
Board Governance
- Committee assignments (as of Oct 14, 2025): Audit Committee (Chair); not on Compensation & Nominating; not on Quality & Compliance. Audit Committee members are Sparks (Chair), Marilyn Tavenner, and Richard Zoretic; Sparks and Zoretic are designated “audit committee financial experts.”
- Independence status: Board has determined Sparks is independent under Nasdaq rules and meets heightened independence requirements for audit committee membership (Rule 10A-3). INNV is a “controlled company” under Nasdaq rules and relies on certain governance exemptions.
- Attendance and engagement: In FY 2025 the Board held 4 meetings and the Audit Committee held 6; each director attended at least 75% of total Board and committee meetings during their tenure, except the Board Chair (71%).
- Election cycle: Director since 2023; Class II nominee for re-election in 2025 to serve through the 2028 annual meeting.
Fixed Compensation
| Fiscal Year | Cash Fees (Board + Committees) | Chair Fee (Audit) | Total Cash | Equity (RSUs, Grant-Date Fair Value) | Notes |
|---|---|---|---|---|---|
| FY 2024 | $100,000 | $20,000 | $120,000 | $100,000 | 17,362 RSUs outstanding as of 6/30/24; fully vested on 8/14/24 |
| FY 2025 | $100,000 (standard) | $20,000 | $120,000 | $100,000 | 16,448 unvested RSUs as of 6/30/25; FY25 RSUs granted 9/3/24; vested 8/14/25 |
- Standard non-employee director program (FY 2025): $100,000 annual cash retainer; +$20,000 for each committee chair; annual RSU grant with $100,000 grant-date fair value; RSUs vest on director-specific dates (Sparks’ FY25 RSUs vested 8/14/2025).
Performance Compensation
| Award Type | Performance Metric(s) | Vesting Schedule | Status |
|---|---|---|---|
| Director RSUs | None disclosed (time-based) | FY25 RSUs granted 9/3/2024; vested 8/14/2025 (subject to continued service) | Time-vested; no performance conditions |
No director performance metrics (e.g., revenue, EBITDA, TSR) apply to Sparks’ director equity awards; vesting is service-based.
Other Directorships & Interlocks
| Company | Public/Private | Role | Committee Roles | Potential Interlocks/Conflicts |
|---|---|---|---|---|
| ATI Physical Therapy (ATIP; taken private 2025) | Public → Private | Director | Audit member; Chair, Healthcare Compliance | None disclosed with INNV; board service ended upon go-private |
| Harrow Health (HROW) | Public | Director | Chair, Audit | None disclosed with INNV; service ended June 2024 |
| Valtruis | Private | Board member/advisor | N/A | None disclosed with INNV |
- Related-party transactions: Upon appointment, company stated no related-party transactions or relationships requiring disclosure; appointment not based on any arrangement/understanding.
Expertise & Qualifications
- Audit and financial expertise: Audit Committee Financial Expert designation; extensive CFO experience across healthcare services; CPA (inactive).
- Regulatory and risk oversight: Background spans highly regulated healthcare industries and complex reporting environments.
- Education: B.S. in Accounting & Business Administration, Trevecca Nazarene University.
Equity Ownership
| Date (Record) | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| Oct 11, 2024 | 17,362 | <1% | RSUs outstanding as of 6/30/24 fully vested on 8/14/24 |
| Oct 14, 2025 | 33,810 | <1% | Reflects vested RSUs; outstanding shares 135,681,431 |
- Section 16 compliance: For FY 2025, the company reported compliance with Section 16(a) filing requirements, with exceptions noted for other insiders (not Sparks).
Governance Assessment
-
Positives
- Independent director and Audit Committee Chair with “financial expert” designation; strengthens financial reporting oversight and ERM.
- Attendance at or above 75% threshold in FY 2025; active engagement on audit matters (6 committee meetings).
- Pay structure balanced: cash retainer + modest, time-based RSUs; clear vesting schedule; no director performance plan complexity.
- No related-party transactions disclosed at appointment; Section 16 filings in compliance for Sparks.
-
Watch items
- Controlled company status reduces certain Nasdaq governance requirements; minority investor protections rely more heavily on committee chairs (including Audit) to uphold rigor.
- Equity ownership is relatively small in absolute terms (33,810 shares); ownership guidelines or pledging policies not disclosed in available excerpts.
-
RED FLAGS
- None specific to Sparks identified in company filings; no related-party exposure, hedging/pledging, or option repricings disclosed for directors in provided materials.