Alex Shvartsburg
LivaNovaAbout Alex Shvartsburg
Alex Shvartsburg is Chief Financial Officer (CFO) of LivaNova PLC (LIVN), age 55, serving as CFO since July 2021 after joining the company in 2017 and serving as Interim CFO in November 2020. He holds a BS in Accounting from Drexel University and an MBA from La Salle University, with prior finance leadership roles at Caligor Coghlan Pharma Services, Thermo Fisher Scientific, Life Technologies, and ~20 years at Johnson & Johnson . In 2024, LivaNova delivered revenue of $1.25B, up 8.7% reported (9.3% constant currency, 10.7% organic), and turned GAAP operating income positive ($129.1M vs a prior-year loss), with adjusted operating income up to $239.2M; performance highlights included ACS wind-down and OSPREY clinical success, relevant to the company’s STIP metrics under Mr. Shvartsburg’s finance leadership .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| LivaNova PLC | Interim CFO → CFO | Interim CFO (Nov 2020); CFO (Jul 2021–present) | Finance leadership through portfolio focus (ACS wind-down) and clinical milestones (OSPREY), supporting revenue and operating income improvement |
| LivaNova PLC | VP, Finance, Strategy & Innovation; VP, Corporate Finance & CFO, International Markets | Sep 2017–Jan 2020; Jan 2020–Nov 2020 | Corporate finance and strategy roles strengthening planning and execution |
| Caligor Coghlan Pharma Services (CaligorRx) | CFO/COO | Jun 2016–Sep 2017 | Led finance and operations at global clinical supply services provider |
| Thermo Fisher Scientific | VP Finance, Genetic Science Division | Jan 2014–Jun 2016 | Division-level finance leadership at a global life sciences company |
| Life Technologies | Sr. Finance Director, M&A | Jun 2012–Jan 2014 | Transaction finance and integration for acquisitive growth |
| Johnson & Johnson | Finance roles (increasing responsibility) | Not disclosed (≈20 years) | Broad-based global finance experience across healthcare segments |
External Roles
- No public-company board directorships disclosed for Alex Shvartsburg in the proxy’s executive officer biographies .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 434,231 | 536,885 | 567,888 |
| Base Salary (as of Dec 31, USD) | — | 553,000 | 572,355 (+3.5% YoY) |
| All Other Compensation ($) | 159,916 | 185,531 | 61,747 |
| Total Compensation ($) | 2,128,666 | 2,771,180 | 2,829,689 |
Performance Compensation
Short-Term Incentive Plan (STIP) – 2024
| Component | Definition/Targeting | Weight | Target | Actual | Payout |
|---|---|---|---|---|---|
| Net Sales | Constant-currency net sales, adjusted for M&A effects | 50% | $1,218.2M | $1,267.2M | 128.7% |
| Adjusted Operating Income | AOI at constant currency, adjusted for specified items | 50% | $219.1M | $242.2M | 150.0% |
| Financial Performance Factor (FPF) | 50% Net Sales + 50% AOI | — | — | — | 139.4% |
| Non-Financial Goals (NFG) Modifier | DTD, Epilepsy, CP software/capacity, systems capability | ±25% | — | — | 90.0% |
| Business Performance Factor (BPF) | FPF × NFG Modifier | — | — | — | 125.4% |
| CFO Bonus Mechanics | Figure |
|---|---|
| Target Bonus % of Salary | 65% |
| Target Bonus ($) | $369,178 |
| Actual Payout % | 125.4% |
| Actual Bonus Paid ($) | $462,949 |
Long-Term Incentive Plan (LTIP) – 2024 Grants
| Award Type | Grant Date | Metric | Grant-Date Fair Value ($) | Notes |
|---|---|---|---|---|
| RSUs | Mar 30, 2024 | Service-based | 400,000 | 100% service vesting schedule; counts disclosed in grants table (see below) |
| SARs | Mar 30, 2024 | Share price | 400,000 | Award includes 15,631 SARs at $55.94 |
| PSUs – rTSR | Mar 30, 2024 | Relative TSR | 400,000 | Monte Carlo valuation; counts in grants table |
| PSUs – FCF | Mar 30, 2024 | Free Cash Flow | 200,000 | Probability-adjusted CAP footnotes described |
| PSUs – ROIC | Mar 30, 2024 | ROIC | 200,000 | Probability-adjusted CAP footnotes described |
| Total LTIP Value | — | — | 1,600,000 | Performance metrics: rTSR, FCF, ROIC; double-trigger on CIC |
2024 Grants – Counts and Key Terms (CFO)
| Grant Date | RSUs (#) | PSUs (#) | SARs (#) | Exercise Price ($/sh) | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| Mar 30, 2024 | 3,575 | 7,150 | — | — | 199,986 |
| Mar 30, 2024 | 3,575 | 7,150 | — | — | 199,986 |
| Mar 30, 2024 | 7,150 | 14,300 | — | — | 537,180 |
| Mar 30, 2024 | — | — | 7,150 | 55.94 | 399,971 |
| Mar 30, 2024 | — | — | 15,631 | 55.94 | 399,982 |
Note: Table reflects line items from the 2024 Grants of Plan-Based Awards table for Alex Shvartsburg; amounts correspond to separate tranches across RSUs, PSUs (including rTSR/FCF/ROIC), and SARs .
Equity Ownership & Alignment
Beneficial Ownership (as of April 14, 2025)
| Holder | Shares Owned | Shares Acquirable within 60 days | Total Beneficial Ownership | Percent of Class |
|---|---|---|---|---|
| Alex Shvartsburg | 26,680 | 0 | 26,680 | * Less than 1% (outstanding shares: 54,524,159) |
- Stock ownership guidelines: Executives are required to retain 100% of net shares until achieving the applicable ownership threshold; unvested service-based RSUs count towards ownership; PSUs and options do not; pledging and hedging of company securities are prohibited .
Outstanding Equity Awards (Year-End 2024 and Other Disclosures)
| Instrument | Status | Count | Exercise Price | Expiration |
|---|---|---|---|---|
| SARs | Exercisable | 7,838 | $43.57 | 3/30/2030 |
| SARs | Exercisable | 6,328 | $73.25 | 3/30/2031 |
| SARs | Unexercisable | 2,109 | $73.25 | 3/30/2031 |
| SARs | Exercisable | 5,833 | $80.26 | 12/15/2027 |
| SARs | Exercisable | 5,076 | $88.38 | 3/15/2028 |
| SARs | Unexercisable | 15,631 | $55.94 | 3/30/2034 |
| SARs | Exercisable | 4,874 | $97.25 | 3/30/2029 |
| SARs | Exercisable | 4,258 | $82.04 | 3/30/2032 |
| SARs | Unexercisable | 4,257 | $82.04 | 3/30/2032 |
| Awards Subject to Acceleration (as of Dec 31, 2024) | Count | Basis |
|---|---|---|
| RSUs (CIC acceleration) | 16,923 | Multiplied by $46.31 in CIC calc |
| PSUs (CIC acceleration at target) | 40,524 | Multiplied by $46.31 in CIC calc |
| In-the-money SARs (CIC acceleration) | 15,066 | Exercise price $42.71; value equals market ($46.31) minus strike |
| RSUs (disability/death acceleration) | 14,242 | RSUs from 3/30/2023 or later |
| PSUs (disability/death acceleration at target) | 33,212 | PSUs from 3/30/2023 or later |
- As of Mar 31, 2025 (under 2015 Plan): CFO held 40,573 SARs and 914 RSUs; closing price $39.28 .
Employment Terms
Severance and Change-of-Control (CIC) Economics (hypothetical as of Dec 31, 2024)
| Type of Payment/Benefit | Termination w/o Cause or Good Reason | Separation due to CIC | Separation due to Disability | Separation due to Death | Separation due to Retirement |
|---|---|---|---|---|---|
| Severance | $572,355 | $572,355 | $572,355 | $1,000,000 | — |
| STIP | — | — | — | — | — |
| LTIP (accelerated vesting) | — | $2,714,609 | $2,251,833 | $2,251,833 | — |
| Benefits | — | — | — | — | — |
| Total | $572,355 | $3,286,964 | $2,824,188 | $3,251,833 | — |
- CIC equity acceleration requires “double trigger” (CIC plus qualifying termination); the company prohibits excise tax gross-ups and option repricing; pledging and hedging by officers/directors are prohibited .
- Clawbacks: Two policies (Compensation Recoupment Policy and Nasdaq Rule 5608 Incentive Compensation Clawback Policy) covering restatements, materially inaccurate metrics, and significant misconduct; equity grant agreements include recoupment provisions .
- STIP bonuses are paid in March after fiscal-year audit completion .
Tenure and Qualifications
- Joined LivaNova in Sep 2017; Interim CFO in Nov 2020; CFO since Jul 2021; Age 55; BS (Drexel), MBA (La Salle) .
Investment Implications
- Pay-for-performance alignment: CFO’s variable pay is substantial—STIP anchored to Net Sales and Adjusted Operating Income with 2024 payout at 125.4% of target; LTIP diversified across rTSR, FCF, and ROIC, with double-trigger CIC terms and clawbacks, reinforcing alignment with shareholder returns and cash discipline .
- Selling pressure and vesting: With many SAR tranches struck well above 2024 year-end market ($46.31), only the $42.71 SARs were in-the-money; near-term selling pressure appears limited to tax-withholding on RSU/PSU vesting, given pledging/hedging prohibitions and retention requirements until ownership thresholds are met .
- Ownership and retention risk: Beneficial ownership is <1% with 26,680 shares; severance equals 12 months’ base salary; CIC adds accelerated equity, but double-trigger reduces “walkaway” risk absent termination, indicating balanced retention incentives without excessive cash guarantees .
- Execution track record: 2024 operational and clinical milestones coincided with revenue growth and a return to GAAP operating income, supportive of STIP outcomes and LTIP metric relevance under CFO stewardship of financial controls (Section 302/906 certifications) .