Mintu Turakhia
Chief Medical Officer, Chief Scientific Officer, and EVP, Product Innovation at 
iRhythm Technologies
iRhythm TechnologiesExecutive
About Mintu Turakhia
Minang (Mintu) Turakhia, M.D., M.S., age 51, is iRhythm’s Chief Medical Officer, Chief Scientific Officer, and EVP, Product Innovation, roles he has held since June 2022 (EVP since April 2023). He holds a B.S. in Molecular Biology and Computer Science (UC Berkeley), an M.D. (UC San Francisco), and an M.S. in Clinical Research (UC San Francisco), with clinical training at Harvard’s Brigham & Women’s Hospital and UCSF . Company incentive design under his tenure emphasizes performance-linked PSUs tied to company metrics and Relative TSR, with 2024 corporate performance factor at 101% driving bonus outcomes; iRhythm reported a five-year revenue CAGR of over 27% (company-level) . In 2024, his leadership highlights included building new product and evidence pipelines supporting guideline inclusion and payor adoption .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| VA Palo Alto Health Care System | Chief of Cardiac Electrophysiology | Aug 2008 – Jun 2022 | Led cardiac EP program; clinical leadership across ablation/device implantation |
| iRhythm Technologies | EVP, Product Innovation (in role set evolution) | Apr 2023 – Present | Built product roadmap integrating licensed tech; delivered hardware/software/services launches |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Stanford University School of Medicine | Clinical Professor | Aug 2008 – Present | Academic leadership and scientific output; supports iRhythm evidence programs |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $237,019 | $442,230 | $508,456 |
| Target Bonus (% of Salary) | 50% | 60% | 60% |
| Actual Annual Bonus Paid ($) | $261,400 | $274,639 | $285,305 |
| Stock Awards ($) | $3,274,088 | $4,566,853 | $2,488,342 |
| All Other Compensation ($) | $17,525 | $32,309 | $35,953 |
| Total ($) | $4,290,032 | $5,316,031 | $3,318,056 |
Performance Compensation
Annual Bonus Structure (Company-Wide Design)
| Metric | Weighting | Threshold Payout % | Target Payout % | Maximum Payout % |
|---|---|---|---|---|
| Revenue | 75% | 50% | 100% | 200% |
| Adjusted EBITDA | 25% | 50% | 100% | 200% |
2024 Bonus Calculation (Turakhia)
| Base Salary (Dec 31, 2024) | Target Bonus % | Corporate Performance Factor | Individual Performance Factor | Resulting Payout ($) | Percent of Target |
|---|---|---|---|---|---|
| $470,800 | 60% | 101% | 100% | $285,305 | 101% |
Long-Term Incentive (LTI) Awards (2024 Grants)
| Instrument | Target Value ($) | Units (Target) | Grant Date | Vesting Commencement | Performance Design |
|---|---|---|---|---|---|
| RSUs | $1,150,000 | 9,883 | 2/28/2024 | 2/28/2024 | Time-based vesting per equity plan (details not further disclosed) |
| PSUs | $1,150,000 | 9,883 | 2/28/2024 | 2/28/2027 | Company performance component + Relative TSR; fair value via Monte Carlo |
PSU acceleration treatment under CIC: performance deemed achieved at target unless award agreement specifies otherwise .
Equity Ownership & Alignment
- Ownership guidelines: EVP must hold 2x annual base salary; all executives are in compliance .
- Beneficial ownership (as of March 3, 2025): 13,661 shares; <1% of outstanding .
| Ownership Detail | Value |
|---|---|
| Shares Beneficially Owned (#) | 13,661 |
| Ownership % of Shares Outstanding | <1% |
| Stock Ownership Guideline (EVP) | 2x base salary |
| Compliance Status | In compliance |
Outstanding Equity Awards (Dec 31, 2024)
| Award Type | Number Unvested/Unearned (#) | Market/Payout Value ($) | Grant Date | Vesting Commencement |
|---|---|---|---|---|
| RSUs (time-based) | 9,883 | $891,150 | 2/28/2024 | 2/28/2024 |
| PSUs (performance-based) | 9,883 | $891,150 | 2/28/2024 | 2/28/2027 |
No options disclosed for Turakhia in outstanding awards table; pledging not disclosed in the proxy excerpts reviewed .
Employment Terms
- Role tenure at iRhythm: CMO/CSO since June 2022; EVP Product Innovation since April 2023 .
- Change-in-Control Policy (amended Oct 29, 2025): Tier 2 applies to EVPs .
Severance Policy Summary (Amended and Restated, effective Oct 29, 2025)
| Scenario | Salary Severance | Target Bonus Severance | COBRA | Equity Acceleration |
|---|---|---|---|---|
| Non-CIC Qualified Termination (without Cause or for Good Reason) | 12 months (Tier 2) | 100% of target (Tier 2) | 12 months (premium or taxable replacement) | None |
| CIC Qualified Termination (double trigger within 24 months post-CIC) | 18 months (Tier 2) | 150% of target (Tier 2) | 15 months (premium or taxable replacement) | 100% acceleration; PSUs at target unless otherwise specified |
Illustrative Severance Value Disclosure (Proxy, as of Dec 31, 2024)
| Scenario | Severance Payment ($) | Medical Benefits ($) | Accelerated Equity ($) | Bonus ($) | Total ($) |
|---|---|---|---|---|---|
| No Change-of-Control | $470,800 | $37,159 | — | — | $507,959 |
| Change-of-Control (Double Trigger) | $588,500 | $46,449 | $5,421,409 | $282,480 | $6,338,838 |
Good Reason includes material reduction in base salary/role or relocation >50 miles, with notice and cure periods; policy is an ERISA welfare plan with participation agreements superseding prior arrangements .
Performance & Track Record
- 2024 achievements under Turakhia’s leadership: re-architected product management, delivered new launches (hardware/software/services), expanded U.S. Zio Monitor rollout and into four EU markets; largest scientific output in company history supporting guideline inclusion and payor adoption; launched Clinical Data Warehouse enabling outcomes research and AI; expanded Medical Affairs and built Medical Safety capabilities .
- Corporate 2024 bonus funding driven by Revenue and Adjusted EBITDA metrics; corporate performance factor at 101% .
- Legal proceedings: Turakhia was named in a 2024 securities class action and derivative suits; in June 2025 the Court dismissed all individual defendants except the CEO; cases continue in discovery (company believes claims without merit) .
Investment Implications
- Pay-for-performance alignment: Cash bonus tightly linked to Revenue (75%) and Adjusted EBITDA (25%); 2024 corporate factor 101% produced near-target payout (101%), suggesting disciplined bonus funding tied to operating execution .
- Equity incentives: Balanced RSU/PSU mix (50/50) with PSUs tied to company performance and Relative TSR; CIC double-trigger accelerates equity with PSUs deemed at target—important for retention and potential deal scenarios .
- Ownership and alignment: EVP ownership guideline at 2x salary with compliance; moderate direct shareholdings (13,661 shares, <1%) plus substantial unvested awards indicate ongoing vesting-driven alignment more than outright stock ownership .
- Retention risk and severance economics: Post-2025 policy enhances severance for Tier 2 (EVPs) including 12/18 months salary and 100%/150% bonus outside/inside CIC, plus 12/15 months COBRA and full equity acceleration at target in CIC—material protection that mitigates turnover risk but creates notable change-of-control payout exposure for investors to model .
- Legal overhang: While individual claims were dismissed for Turakhia, ongoing class action and DOJ matters remain a headline risk; monitor outcomes and any impacts on product, regulatory, or disclosure practices .